2024 marks the fifth anniversary of the release of the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). Over the past five years, the GBA has rapidly emerged as a vital strategic hub for China’s new development paradigm, a model of high-quality growth, and a pioneer of Chinese modernization. With its openness-driven DNA, the GBA has been accelerating toward its goal of becoming a world-class bay area and a global urban cluster.

Transformative achievements in manufacturing and innovation

In 2024, China's annual production of new energy vehicles (NEVs) exceeded 10 million units for the first time, with BYD accounting for over 30% of the total. Along with Guangzhou Automobile Aion and XPeng Motors, Guangdong now produces one out of every four NEVs nationwide.

Meanwhile, Guangzhou's autonomous driving sector reached new heights with WeRide and Pony.ai going public on NASDAQ. This milestone solidifies Guangzhou's ambition to establish itself as the "City of Intelligent Driving." "The New York Times" remarked that China has become the world's largest automobile exporter, and its dominance in automotive manufacturing is unlikely to be challenged for years to come.

Economic growth and global leadership

The Guangdong Academy of Social Sciences reported that the GBA's GDP reached US$1.99 trillion in 2023, a remarkable increase of nearly $460 billion over five years—equivalent to creating another Seattle. The GBA’s economic output now surpasses the New York and San Francisco Bay Areas and rivals the Tokyo Bay Area.

With a population of over 86 million in 2023, the GBA's per capita GDP has grown from $19,601 in 2018 to $23,000, surpassing the World Bank's threshold for high-income economies by $10,000 and firmly establishing itself as a developed economic entity.

World-Class Industrial Clusters

Built on a foundation of manufacturing excellence, Guangdong boasts eight industrial clusters, each exceeding ￥1 trillion in output, spanning sectors such as next-generation electronics, green petrochemicals, smart appliances, and automotive. The region leads the world in the production of 5G smartphones, air conditioners, refrigerators, and microwaves, with the Pearl River Delta contributing the lion’s share.

In 2023, the GBA’s manufacturing output exceeded $520 billion, outperforming its global bay area peers. According to World Bank data, the GBA’s manufacturing value-added surpasses that of entire nations such as India, South Korea, and Mexico, ranking fifth globally as an independent economy.

Thriving Enterprises and Innovation

In 2023, 22 GBA-based companies were listed in the FortuneGlobal 500, generating a combined revenue of $1.39 trillion. The GBA now boasts more such companies than the San Francisco Bay Area (16) and nearly matches New York’s tally (23). Iconic brands such as Huawei, Tencent, BYD, and Lenovo continue to serve as China's global ambassadors.

The GBA is also home to 70 unicorn companies, on par with the entire nation of India. Shenzhen and Guangzhou lead the charge, ranking sixth and ninth globally with 34 and 24 unicorns, respectively, underscoring the region's robust entrepreneurial ecosystem and innovation capacity.

Leading in R&D and technological advancement

The GBA's R&D investment reached nearly ￥500 billion in 2023, a surge of over ￥210 billion compared to 2018, with an average annual growth rate exceeding 30%. Six cities within the GBA now boast R&D intensity (R&D expenditure as a percentage of GDP) above 3%. Shenzhen leads at 6.46%, surpassing Israel's global record of 6.3%, while Guangzhou (3.44%) matches the United States. Zhuhai (4.06%) and Dongguan (3.91%) also outpace Japan’s 3.65%.

A Global Gateway for Trade and Connectivity

As one of China’s most open and economically dynamic regions, the GBA continues to dominate global logistics and aviation. In 2023, its ports handled over 70 million TEUs of containers, and its airports served 174 million passengers—both ranking first among the world's major bay areas.

Rising global prominence

Over the past five years, the global visibility of the GBA's core cities has significantly improved. Hong Kong maintains its position as the world's third most prominent global city. Meanwhile, Guangzhou climbed from 27th to 22nd, and Shenzhen surged from 55th to 30th, with both cities entering the ranks of global first-tier cities.

As the GBA continues its ascent, it stands as a testament to China's vision for integrating openness, innovation, and development into a cohesive global leadership model.