20th China Economic Forum Convened in Guangzhou's Nansha

The 20th China Economic Forum

Photo/WeChat account: nanshafabu

On Nov. 18, the 20th China Economic Forum was held in Guangzhou's Nansha district, bringing together numerous experts, scholars, and entrepreneurs to discuss advancing Chinese-style modernization and developing new productive forces.

Huang Qifan, academic advisor of the China Finance 40 Forum, said that China’s manufacturing sector now accounts for over 30 percent of global manufacturing output, leading or keeping pace in 10 key industrial sectors. However, he noted ongoing challenges such as high energy consumption and slim profit margins. Stressing that developing new productive forces is key to addressing these issues, he predicted that strategic emerging industries will attract over 100 trillion yuan ($14.07 trillion) in investment over the next 15 years.

Guangdong has already formed several trillion-yuan industrial clusters. Companies in Nansha, such as Pony.ai, have made significant progress in autonomous driving, with their robotaxis already operating on roads in Guangzhou and Shenzhen. It is projected that China’s autonomous driving market will surpass 10 trillion yuan by 2035.

Wang Xiangming, chairman of China Resources Group, said that the company will promote the transformation and upgrading of its traditional businesses while focusing on strategic emerging industries. Dong Mingzhu, chairperson of Gree Electric, highlighted the global competitiveness of “China’s intelligent manufacturing” with examples of product exports.

Participants agreed that the Guangdong-Hong Kong-Macao Greater Bay Area, leveraging the strengths of Hong Kong and Macao, could drive institutional innovation and support Chinese companies in expanding globally. Through these efforts, the area has the potential to become a leading global economic and technological innovation hub.