(Yicai) Aug. 14 -- The gross domestic product of the Guangdong-Hong Kong-Macao Greater Bay Area will expand by more than 5 percent this year thanks to a gradual recovery of foreign trade and strong economic growth in Hong Kong and Macao, a report by Guangzhou University and Social Sciences Academic Press China predicted.

Due to the export-oriented economic structure of Guangdong province, China's largest province by GDP, weak overseas demand has led to its economic growth lagging behind the national average in recent years, according to the report released yesterday. 

The economy of the Greater Bay Area, which includes Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen, and Zhaoqing in Guangdong, was better than that of the province last year, thanks to a strong economic recovery in Hong Kong and Macao.

Foreign trade of the nine cities in Guangdong reached a record high of CNY4.96 trillion (USD690.9 billion) in the seven months that ended July 31, up 14.3 percent from a year ago. The figure rose 16.1 percent to CNY769.7 billion (USD107.2 billion) last month from a year earlier.

China has set its economic growth target for this year at 5 percent, the same as the previous year, with Guangdong also having the same target.

It was easier for China to achieve the 5 percent economic growth target last year than it will be this year due to the low base number in 2022, the report said. However, most economic data outside the real estate market have picked up this year, indicating that the economy has been developing well, with sound overseas and domestic demand thanks to supportive policies.

Editor: Martin Kadiev