汇丰HSBC：粤港澳大湾区洞察：外商直接投资与对外直接投资重拾增长动力-250924（英文版）（14页）.pdf

1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:The Hongkong and Shanghai Banking Corporation Limited View HSBC Global Investment Research at:https:/ Findou

2、t moreInsights that speak to youHear our research on the go Guangdong has recorded 8.2%growth in FDI YTD,much higher than the national average driven by factors like manufacturing,policy incentives,and a robust Hong Kong IPO market ODI surged nearly 50%,despite ongoing tariff uncertainty Guangdongs

3、foreign direct investment surged this year At a time of rising trade protectionism and geopolitical complexity,mainland China has been pursuing an opening-up strategy that encompasses both inbound foreign direct investment(FDI)and outbound direct investment(ODI).Between January and July,Guangdong re

4、corded robust 8.2%y-o-y growth in FDI,significantly outperforming the national trend(-13.4%).The number of new foreign-invested enterprises registered in Guangdong surged 52.2%y-o-y to 22,126 YTD.While a low base was a factor,Guangdongs investment outlook differs from other provinces in several key

5、areas.driven by manufacturing,policy incentives,and Hong Kongs IPO boom A high level of concentration in sectors related to technology and innovation has clearly attracted foreign investors.The smaller-than-expected US tariff differential between China and the third countries may have contributed to

6、 this.FDI flows into Guangdongs manufacturing sector rose more than 20%y-o-y YTD,making up 29%of the provinces entire FDI.In addition,favourable policies and market dynamics have also played essential roles.Since 2024,local governments have launched several rounds of FDI incentive policies,covering