​20th China Economic Forum convened in Nansha

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 makes up over 30 percent of the global total, leading or maintaining pace in 10 key industrial sectors. However, he said ongoing challenges such as high energy use and slim profit margins. Stressing that developing new productive forces is key to resolving these issues, he predicted that strategic emerging industries would draw over 100 trillion yuan ($14.07 trillion) in investments over the next 15 years.

Guangdong has already established several trillion-yuan industrial clusters. Companies in Nansha, such as Pony.ai, have made significant advances 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 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 expand globally. Through these efforts, the area has the potential to become the world's leading economic and technological innovation hub.

The 20th China Economic Forum. [Photo/WeChat account: nanshafabu]