SFC Market Talk｜Guangdong High-quality Development Highlights Innovation Capability

（原标题：SFC Market Talk｜Guangdong High-quality Development Highlights Innovation Capability）

南方财经全媒体记者谢鸿州 深圳报道

Guangdong Provincial High-quality Development Conference opens in Shenzhen

One of the biggest events is happening in Guangdong - the Guangdong Provincial High-quality Development Conference, which could be the most important one for the economic juggernaut this year. 

It’s held on the first working day after China’s most significant Spring Festival for two consecutive years. And it’s held in Shenzhen, the leading global technology hub in Guangdong. The particular time and space send clear signals that the economic powerhouse is ready to take new and bold actions on boosting high-quality development.

Government officials, business leaders and scholars are all invited to give their opinions in topics like coordinated urban-rural development, integrated development of technology and industry, and the building of an industrial S&T innovation center.

Innovation is the key word

Innovation is the key word that links everything. Guangdong has maintained its first place in innovation capability for seven consecutive years, ranking first in the country in key indicators like invention patents, high-tech enterprises and R&D expenditure.

More high-tech companies in Guangdong are topping the global market. In the fourth quarter of 2023, BYD surpassed Tesla and became the world's top electric vehicle manufacturer. At the beginning of 2024, Huawei topped the smartphone sales in China in the first two weeks.

The region’s economy will not only get bigger but also stronger, supported by its growing innovation drive. Guangdong has made it clear in its government report for 2024 that it’s going to strengthen cutting-edge research, accelerate self-reliance in key technologies and improve commercialization of technological achievement. 

Where does Guangdong's confidence come from?

One of the biggest sources of its confidence comes from the increasing number of high-quality enterprises. In 2023, the total number of registered business entities in Guangdong reached a staggering 18 million, boasting the largest number of all enterprises and high-tech enterprises in China. From an economic point of view, the number of enterprises does matter in any thriving economies.

Another key factor lies in intellectual support. Guangdong has been ramping up its R&D expenditure, making up to 3.39% of its GDP in 2023, which is about 460 billion Yuan. And it has gathered over 1.3 million R&D personnel in the region. Universities also have a role to play. 50 universities in Guangdong have set up majors specializing in high-tech areas like integrated circuits, intelligent manufacturing and robotics.

The confidence in Guangdong’s innovation capability is echoed among global business community, with more foreign enterprises setting up R&D centers in the region.

The fundamentals are ready for Guangdong’s innovation-driven development strategy, but how to integrate different sectors and also coordinate urban and rural developments is going to be a major task for the region in 2024. With stakeholders contributing their wisdom on the conference, the front-runner of Chinese modernization is believed to continue leading the path towards high-quality development.

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