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Guangdong’s GDP estimated to surpass 14 trillion yuan in 2024

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GUANGZHOU, China, Jan. 17, 2025 /PRNewswire/ — In accordance with the government work report that the governor of Guangdong province delivered at the Third Session of the 14th Guangdong Provincial People’s Congress on January 15, 2025, the province’s GDP was estimated to surpass 14 trillion yuan in 2024, ranking first in China for 36 consecutive years, and its total imports and exports increased by 9.8% year-on-year to exceed 9 trillion yuan, both hitting a new record.

In 2024, the two sessions of Canton Fair in spring and autumn attracted about 500,000 overseas purchasers, a record high. Guangzhou and Shenzhen were selected as pilot cities to allow the establishment of wholly foreign-owned hospitals. Amazon Global Selling opened its first innovation center for the Asia-Pacific region in Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, Shenzhen, aiming to help more Chinese e-commerce enterprises go global.

Thanks to the strong industrial development of the province, especially manufacturing, “Made in Guangdong” stood out in the global market. As the domestic real estate sector went through an in-depth adjustment, Guangdong’s manufacturing industry still maintained steady growth, effectively filling the economic gap caused by the former, and further consolidating the foundation of real economy. In 2024, the added value of industrial enterprises above the designated size in Guangdong increased by 4.2% YoY, and the industrial sector contributed about 50% of the province’s GDP growth.

In Guangdong, industry and technology are reinforcing each other, and new quality productive forces are springing up with great vitality. The province’s research and development investment intensity is about 3.6%, and it is home to about 77,000 high-tech enterprises, and six national manufacturing innovation centers. Guangdong has ranked first nationwide for eight consecutive years in terms of comprehensive capacity of regional innovation, and the ShenzhenHong KongGuangzhou science and technology cluster has ranked second worldwide for five consecutive years.

At present, Guangdong’s economic aggregate accounts for about one tenth of the national total, and its industrial scale accounts for about one eighth of the national total. The 4.2% YoY increase in the added value of industrial enterprises above the designated size in Guangdong has provided strong support for the stability of the industrial foundation of the country. In 2024, one out of every four new energy vehicles, 2.2 out of every five industrial robots and two out of every five smartphones produced in China came from Guangdong. The scale of Guangdong’s foreign trade accounted for more than one fifth of the country’s total, contributing nearly 40% of the country’s foreign trade growth. The province’s local general public budget revenue reached 1.35 trillion yuan, ranking first nationwide for 34 consecutive years. The central-level tax revenue from Guangdong was the most in the country. A total of 1.43 million new jobs were created in urban areas in Guangdong, exceeding the annual target of 1.1 million set by the central government, and 43.86 million workers from outside the province maintained stable employment. Moreover, Guangdong continued to cultivate and expand industries with distinctive characteristics and advantages at county level, and 15 main platforms undertook about 700 new industrial transfer projects with a total investment of about 300 billion yuan.

In 2024, 54 Greater Bay Area (GBA) Standards were released, and 187 cross-boundary administrative services that are frequently needed were launched. The Shenzhen–Zhongshan Link and the Huangmaohai Sea-Crossing Passage opened to traffic. And 4.5 million vehicles entered Guangdong via the Hong Kong-Zhuhai-Macao Bridge Port.

Guangdong, ranking first nationwide for 36 consecutive years in terms of GDP, is expected to make more achievements in the future.

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CGTN: China’s booming ice and snow industry fuels its economic growth

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BEIJING, Feb. 7, 2025 /PRNewswire/ — Harbin, capital of northeast China’s Heilongjiang Province, exemplifies the country’s thriving ice and snow economy.

During the eight-day 2025 Spring Festival holiday from January 28 to February 4, the city has seen booming snow tourism. As an ice-themed park known for its dazzling ice sculptures, Harbin Ice-Snow World attracted over 610,000 visits. In particular, more than 100,000 visits were made on February 1, setting a new record for single-day attendance.

The increasing popularity of the park is partly attributed to the city’s upcoming role as the host of the 9th Asian Winter Games, which will be held from February 7 to 14, marking China’s second major winter sports event following the Beijing 2022 Winter Olympics.

Chinese President Xi Jinping will attend the opening ceremony of the 9th Asian Winter Games and host a welcome banquet for foreign leaders in attendance.

Ice and snow economy enters ‘fast lane’

Xi has paid close attention to the development of China’s ice and snow sports and industries, urging efforts to consider ice and snow economy as a new growth point to promote the development of the whole industrial chain involving winter sports and culture, snow-and-ice equipment and tourism.

In recent years, as winter sports and tourism surged in popularity across China, the ice and snow economy has witnessed significant growth.

According to the General Administration of Sport of China, the number of people participating in various ice and snow sports such as skating, skiing, curling and ice hockey nationwide reached 57.35 million in the 2023-2024 snow season. Over 385 million winter leisure visits nationwide were recorded, marking a 38 percent increase from the previous year.

During the last snow season, Harbin alone welcomed over 87 million visitors, marking a 300 percent year-on-year increase and generating 124.8 billion yuan (about $17.4 billion) in tourism revenue – a staggering 500 percent growth.

Meanwhile, the ice and snow consumption is becoming an important growth point to expand domestic demand, transforming the “cold” resources into “hot” engine for economic development.

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According to online shopping and tourism platforms, orders for ice and snow equipment surged, while searches and bookings for ice and snow tours saw rapid growth during the “Double 11” shopping festival last year.

On China’s leading e-commerce platform, Tmall, sales of categories such as down jackets, thermal wear and skiing equipment surged by over 200 percent year on year during the “Double 11” shopping festival.

Broad prospects

To harness its abundant ice and snow resources for economic development, China is intensifying efforts to expand its winter economy, encompassing sports, culture, equipment, and tourism.

According to the guidelines issued by the General Office of the State Council, the country aims to promote its ice and snow economy as a new growth point, with the goal of reaching an economic scale of 1.2 trillion yuan (about $169 billion) by 2027, and 1.5 trillion yuan by 2030.

To achieve these goals, various cities and regions are integrating winter sports and tourism into their development plans.

The Heilongjiang Province is promoting the establishment of a China-Shanghai Cooperation Organization winter sports demonstration zone, expediting the development of ice-and-snow equipment and digital industry parks.

In Beijing, the city has launched an action plan, proposing 24 specific measures in areas such as expanding the ice and snow sports and consumption, and advancing the construction of ice and snow venue facilities.

The vigorous growth of the ice and snow economy has also drawn global attention. A slew of measures, including optimizing the visa-free policy and opening new international flight routes, have attracted a number of foreign tourists to start their “China Travel” and enjoy the winter season in the country.

China’s thriving ice and snow economy has also injected new momentum into the global tourism market, Chinese Foreign Ministry spokesperson Guo Jiakun said on Thursday, extending a warm invitation to friends from around the world to participate in ice and snow events, fostering friendship and cooperation.

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SM Investments Recognized for Landmark Capital Market Deal

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PASAY CITY, Philippines, Feb. 7, 2025 /PRNewswire/ — SM Investments Corporation (SM Investments), the parent company of the SM Group, has been awarded the “Philippine Capital Market Deal of the Year” by International Financing Review Asia (IFR Asia) for its successful issuance of a USD500 million five-year bond in 2024. This recognition underscores SM Investments’ leadership in the capital markets and the strong confidence of global investors in the company’s financial strength.

IFR Asia cited SM Investments’ return to the US dollar bond market after a decade-long absence as a significant development for the Philippine corporate sector. The transaction, which was the largest five-year deal by a Philippine corporate in 2024, reopened the market amid volatile conditions and achieved competitive pricing at 35 basis points.

“This landmark transaction represents a major milestone for both SM Investments and the Philippine capital markets. The strong demand from investors reflects confidence in Philippine corporate issuers and underscores SM’s reputation as a stable and well-managed investment option,” said Erwin G. Pato, Executive Vice President for Treasury, Finance, and Planning at SM Investments Corporation.

IFR Asia noted that SM Investments’ bond issuance attracted significant investor interest, given the relative scarcity of corporate issuances from the Philippines in recent years. The transaction also marked SM Investments’ first bond issuance since its USD350 million 10-year note in June 2014.

The deal was arranged by leading global financial institutions, with HSBC, JP Morgan, Standard Chartered, and UBS acting as joint lead managers and joint bookrunners. BDO Capital and Chinabank Capital also participated as joint lead managers.

International Financing Review Asia is a respected source of news and analysis on capital markets and investment banking, reinforcing the credibility of this recognition.

SM Investments’ achievement highlights its commitment to financial excellence and its role in strengthening investor confidence in the Philippine market.

About SM Investments Corporation

SM Investments Corporation is one of the leading Philippine companies that is invested in market-leading businesses in retail, banking, and property. It also invests in ventures that capture high growth opportunities in the emerging Philippine economy.

SM’s retail operations are the country’s largest and most diversified, consisting of grocery stores, department stores and specialty retail stores. SM’s property arm, SM Prime Holdings, Inc., is the largest integrated property developer in the Philippines with interests in malls, residences, offices, hotels, and convention centers as well as tourism-related property developments. SM’s interests in banking are in BDO Unibank, Inc., the country’s largest bank, and China Banking Corporation, the fourth largest private domestic bank.

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For more information, please visit www.sminvestments.com

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BRI UMKM EXPO(RT) 2025 Officially Concludes, Attracting Over 63,000 Visitors and Securing USD 90.6 Million in Export Contracts

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JAKARTA, Indonesia, Feb. 7, 2025 /PRNewswire/ — PT Bank Rakyat Indonesia (Persero) Tbk. (IDX: BBRI) successfully concluded BRI UMKM EXPO(RT) 2025, reinforcing its commitment to empowering MSMEs and expanding their global market reach. Held from January 30 to February 2, 2025, at ICE BSD City, the event attracted over 63,000 visitors, generated IDR 38.9 billion in transactions, and secured USD 90.6 million in export contracts through business matching. The closing ceremony was led by BRI President Director Sunarso.

A Platform for Global MSME Expansion

With the theme “Broadening MSME’s Global Outreach”, the event showcased 1,000 top Indonesian MSMEs ready for the international market. The closing ceremony was attended by BRI Vice President Director Catur Budi Harto. BRI President Director Sunarso highlighted the expo’s success in raising awareness of local MSME products, exceeding its initial target of 50,000 visitors.

By February 1, 2025, transactions hit IDR 38.9 billion, exceeding expectations. Sunarso reaffirmed BRI’s commitment to MSMEs, with business matching continuing through 2025 in partnership with the Ministry of Trade, holding twice-monthly sessions to boost exports.

This year’s BRI UMKM EXPO(RT) 2025 saw the participation of 506 registered buyers from 34 countries, significantly exceeding the initial target of 94 buyers from 33 countries.

So far, 166 MSMEs have engaged in 270 business meetings, one of the standout success stories is PT Siger Jaya Abadi, which secured a USD 13.05 million export deal with Bluestar Food Corporation, USA.

BRI UMKM Awards: Honoring Top MSMEs

BRI recognized outstanding businesses in three categories:

1. Top Deals on Business Matching

For MSMEs achieving the highest potential transactions in business matching sessions:

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  • Bintang Kita Kemuliaan (Food & Beverage)
  • Albasi Karang Layung (Home Décor & Craft)
  • Gula Aren Temon (Food & Beverage)

2. Newcomers on Business Matching

For first-time exporters who successfully secured international buyers:

  • Rumah Atsiri Indonesia (Healthcare & Wellness)
  • Minyak Sacha Inchi (Food & Beverage)
  • Organic Center (Food & Beverage)

3. Best Expo

For MSMEs demonstrating outstanding export readiness and digital adoption:

  • Sila Agri Inovasi (Food & Beverage)
  • Pelita Lumpang Mas (Food & Beverage)
  • Restu Mande (Food & Beverage)

These awards highlight BRI’s commitment to empowering MSMEs globally while advancing financial literacy and inclusion.

For more details on BRI UMKM EXPO(RT) 2025, visit briumkmexport.com.

For more information about BANK BRI, visit www.bri.co.id.

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