China’s largest export hub was among the country’s worst-performing local economies in 2024, as the region missed its growth target for a third consecutive year.
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The southern province of Guangdong, which accounts for about one-tenth of China’s economic output, saw its gross domestic product grow 3.5 per cent last year, its provincial statistics bureau said on Saturday.
The growth rate was the fifth-slowest among China’s 31 provincial jurisdictions, with only Yunnan, Qinghai, Heilongjiang and Shanxi – regions considered less developed than Guangdong – failing to top its result.
The figure was also well below China’s national GDP growth rate of 5 per cent for 2024.
Guangdong’s export machine still appears to be performing well, with the province recording robust growth in trade in 2024, but its economy has been hit hard by China’s persisting real estate slump and weak consumption.
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The province has set a growth target of 5 per cent for 2025, but many wonder where new growth will come from given the uncertainties in the external environment.