A picture shows a clear blue sky over Victoria Harbour dividing Hong Kong island (foreground) and the Kowloon peninsular (background) in Hong Kong on Oct 27, 2010. (ANTONY DICKSON / AFP)
Hong Kong, currently the largest economy in the Guangdong-Hong Kong-Macao Bay Area city cluster, will drop to the third place this year, figures released this week show.
On Thursday, Guangzhou Mayor Wen Guohui announced at the city’s people’s congress that its GDP is expected to reach 2.31 trillion yuan ($357.6 billion) this year.
This means the city’s GDP will surpass Hong Kong’s 2.28 trillion yuan, according to United States investment-management firm Bernstein.
ALSO READ: Finance chief foresees strong GDP growth
Shenzhen will shoot up to first place as it is expected to see GDP expand to 2.32 trillion yuan this year, according to Bernstein.
The strong outlook for Guangzhou’s GDP is based on its favorable performance last year. Wen told the congress that Guangzhou saw economic growth of about 7 percent to 2.15 trillion yuan last year.
Hong Kong has yet to release economic data for last year but the city’s Chief Executive Carrie Lam Cheng Yuet-ngor in November predicted Hong Kong’s GDP growth for last year would exceed 3.5 percent.
Based on Hong Kong’s 2016 figure, that would take the city’s GDP to HK$2.57 trillion for last year, equivalent to 2.13 trillion yuan.
The Guangdong provincial statistics bureau said that in 2016 Shenzhen’s GDP hit more than 2 trillion yuan, replacing Guangzhou as the biggest economy in Guangdong province.