Since 2021, Guangzhou has been actively building itself as an international consumption hub. The city's annual growth rate of total retail sales of consumer goods has averaged 6.0%, and the added value of the trade industry (wholesale, retail, accommodation, and catering) accounts for 15.7% of its GDP, the highest proportion among major Chinese cities. Guangzhou is the only city among China's five international consumption hubs that has seen its ranking in Kearney's Global Cities Index rise for three consecutive years, reaching 55th globally in 2023.
In terms of international recognition, Guangzhou's global influence has significantly increased. In 2023, the number of inbound tourists, including residents from Hong Kong, Macao, and Taiwan, reached 3.77 million, the highest among the five international consumption hubs. The city also saw an increase of three Fortune 500 company headquarters, and the number of international organizations in Guangzhou grew from 66 to 99. The city has topped the Competitiveness Index of Convention and Exhibition Industry and has been named "Most Competitive Exhibition Cities in China" for eight consecutive years. Guangzhou remains the only city among the five international consumption hubs (Beijing, Shanghai, Guangzhou, Tianjin, and Chongqing) to have risen in Kearney's Global Cities Index for three consecutive years, ranking 55th globally in 2023.
In terms of consumption, Guangzhou's service industry continues to thrive, reflecting the city's vibrant consumption environment. In 2023, the added value of Guangzhou's service industry reached 2.226 trillion yuan, ranking third nationwide. The wholesale and retail industry alone contributed over 420 billion yuan, the second highest in the country. Over the past three years, the added value of the wholesale, retail, accommodation, and catering industries has grown at an average annual rate of 8.4%. In 2023, the per capita consumption expenditure of Guangzhou residents was 49,480 yuan, second only to Shanghai among the five international consumption centers.
In terms of business, the city's commercial vibrancy and internationalization of consumption have also improved significantly. The number of tax refund stores for overseas tourists increased from 76 in 2021 to 93 in 2023. As of April 2024, 231 new companies in Guangzhou have joined the ranks, bringing the total to 326 enterprises participating in Guangdong Province's tax refund program for overseas tourists.
In terms of convenient access, Guangzhou has achieved a one-hour reach to cities within the Guangdong-Hong Kong-Macao Greater Bay Area, two-hour interconnectivity with other cities in Guangdong Province, three-hour access to the Pan-Pearl River Delta region, four-hour flights to major countries of Regional Comprehensive Economic Partnership (RCEP), and five-hour connections to the Yangtze River Delta and Chengdu-Chongqing economic circle. In June 2024, Guangzhou Nansha International Cruise Terminal Complex, one of the largest cruise terminals in China, resumed operations and began implementing a 15-day visa-free policy for foreign tourist groups.
In terms of policy, Guangzhou has introduced numerous initiatives to promote consumption upgrades. Since 2021, various city and district departments have issued 170 policy measures supporting the development of time-honored brands, optimizing the living environment for expatriates, enhancing overseas promotion and exchange, and implementing unified permits for recreational, tourism, and sports activities.
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