(Yicai Global) March 1 -- Shenzhen has surpassed Hong Kong in gross domestic product for the first time to become the number one city in the Guangdong-Hong Kong-Macao greater bay area.

Hong Kong's GDP for last year stood at HKD2.66 trillion (USD340.5 billion), equal to about CNY2.15 trillion based on yesterday's Hong Kong dollar-yuan central parity rate of 100 80.858, data from Hong Kong's census and statistics bureau show.

Shenzhen's GDP for last year came in at CNY2.24 trillion, making it the number one city in the bay area in total economic output.

Hong Kong would still hold its top position if last year's annual average exchange rate applied, however. Using the average exchange rate of 1.1552 would put Hong Kong's GDP at CNY2.3 trillion last year, surpassing Shenzhen's CNY61 billion.