Guangzhou

Guangzhou, the capital and largest city of Guangdong province in southern China, has a population of 18,676,605 according to the 2020 census. Nestled on the Pearl River around 120 kilometers north-northwest of Hong Kong and 145 kilometers north of Macau, this energetic city bears evidence to more than 2,200 years of rich history. Former important Silk Road endpoint Guangzhou has traditionally been a central hub of trade and culture in the area.

The fate of the city has been much shaped by its strategic position. As one of China’s three biggest cities, Guangzhou’s port is a major transportation center that helps to define its character. Its commercial significance was further enhanced by its role as the only Chinese port open to most foreign commerce across millennia. But the First Opium War‘s British seizure of Guangzhou upset the city’s monopoly on international commerce. Other ports allowed to foreign commerce by the later Treaty of Nanking in 1842 caused a shift of economic activity to places like Shanghai and Hong Kong. Guangzhou remained important as a major entrepôt despite this change, adjusting to the new economic environment.

Standing at the center of the Guangdong–Hong Kong–Macau Greater Bay region today, Guangzhou is an urban agglomeration with the distinction of being the most populated built-up metropolitan region worldwide. Beyond the boundaries of Guangzhou, this megalopolis includes Foshan, Dongguan, Zhongshan, Shenzhen, portions of Jiangmen, Huizhou, Zhuhai, and Macau. Comprising an estimated 70 million people, this metropolitan aggregation highlights the economic power and urban growth of the Pearl River Delta Economic Zone.

Underlining Guangzhou’s significance in the nation’s urban hierarchy, administratively it is subprovincial and one of China’s nine National Central Cities. The demographic scene of the city is varied and changing. Reflecting Guangzhou’s appeal as a centre of opportunity, the domestic migrant population from other Chinese provinces accounted for 40% of the city’s total population in 2008. Moreover, the late 1990s and early 2000s saw an extraordinary flood of people from sub-Saharan Africa who moved to Guangzhou in reaction to the 1997–1998 Asian financial crisis, thereby enhancing the cosmopolitan quality of the city.

Given Guangzhou’s real estate market, among the most costly in China, its economic might is clearly shown. Rising property prices in the city reflect both its appeal and the difficulties of urban expansion as a result of its strategic relevance and fast development. Guangzhou’s economic possibilities and quality of living help to draw people and enterprises despite these great expenses.

The Guangzhou Baiyun International Airport best illustrates the city’s worldwide appeal. Due to worldwide travel limitations in the early phases of the COVID-19 epidemic, this major transportation hub was ranked as the busiest airport worldwide by passenger volume in 2020. Although this was only temporary, it emphasizes how important the airport is in both local and international air transport systems.

Regarding business, Guangzhou is well-known for holding China’s oldest and biggest trade exhibition, the Canton exhibition annually. Attracting companies from all across the globe and highlighting the city’s function as a worldwide commercial hub, this event is very vital for international commerce. The city’s steady status as the top commercial city in mainland China by Forbes for three straight years from 2013 to 2015 shows even more its economic vitality.

Global importance of Guangzhou transcends commerce. Classed as an Alpha (global first-tier) city, it ranks with San Francisco and Stockholm. This label captures Guangzhou’s significance in worldwide commerce and culture as well as in global economic systems. With position 21st worldwide in the 2020 Global Financial Centres Index, the city has also become a significant financial centre in the Asia-Pacific area.

The city’s worldwide prominence is improved even further by its hosting of big athletic events. With the 2010 Asian Games, 2010 Asian Para Games, and the 2019 FIBA Basketball World Cup especially memorable events, Guangzhou has effectively planned several national and international tournaments. These meetings not only highlight the city’s capacity to organize big international events but also encourage worldwide recognition and cultural interaction.

Diplomatic presence of Guangzhou reflects its multicultural character. Third-largest diplomatic center in China, the city accommodates 65 foreign delegates, behind both Beijing and Shanghai. This concentration of overseas missions emphasizes Guangzhou’s significance in world events and its function as a link between China and the international society.

The number of high-net-worth individuals in the city reflects its economic prosperity. The Hurun Global Rich List shows Guangzhou as fifth in China for the number of billionaire inhabitants as of 2020 and tenth worldwide. This concentration of riches reflects the economic vitality of the city as well as its capacity to create and draw large financial resources.

Given its prominence as a major Asia-Pacific research and development center, Guangzhou clearly values education and research. Ranked fourth in the Asia-Pacific area and eighth worldwide, the city enjoys a great degree of scientific research production. A constellation of eminent colleges, including Sun Yat-sen University, South China University of Technology, Jinan University, and numerous more specialized in disciplines ranging from medicine to agriculture, supports this intellectual superiority.

Guangzhou, the primary Pearl River Delta manufacturing center, is vital in one of mainland China’s top economic and industrial centers. With its GDP of ¥2,823 billion (US$444.37 billion in nominal terms) in 2021, which confirms its second-largest economy in the South-Central China area, behind only Shenzhen, the city’s economic strength is reflected in. With an amazing ¥151,162 ($23,794 in nominal terms), the city’s per capita GDP demonstrated the great quality of life its people enjoy.

Looking forward, Guangzhou’s economic path seems to be somewhat favorable. Projections point to the city joining ranks with other Chinese powerhouses such Shanghai, Beijing, and Shenzhen by 2035, ranking among the top 10 biggest cities in terms of nominal GDP worldwide. Moreover, projections show that Guangzhou’s nominal GDP per person would rise to $42,000 by 2030, therefore signifying ongoing economic growth and prosperity.

Although Guangzhou’s fast industrialization first raised concerns about pollution, the city has made great progress in environmental management and urban design. Guangzhou has become among the most livable cities in China by means of green urban planning projects, therefore harmonizing environmental sustainability with economic development.