The 2024 Central Business District Consumption Competitiveness Evaluation List was released by leading business and financial magazine Forbes China on Nov 28.

Once again, the Tianhe CBD of Guangzhou was in the top three nationwide, following closely behind the Beijing CBD and Shanghai Lujiazui CBD.

This year's evaluation of CBDs departed from the traditional focus on "economic output efficiency" and instead closely revolved around the core themes of "urban international development" and "multidimensional consumption innovation".

Forbes China stated that selected CBDs are also integrating with various innovative formats – such as digital cultural tourism, the low-altitude economy, and the unmanned economy, among others – bringing fresh development vitality to the cities.

A large commercial complex in the Tianhe CBD. [Photo/WeChat account: tianhefabu]

The Tianhe CBD includes areas like Tianhe North, Zhujiang New Town, and Guangzhou International Financial City and it has formed the Tianhe Road Business Circle and the Zhujiang New Town Business Circle, with one enterprise generating sales topping 100 billion yuan ($13.84 billion) and 14 enterprises reaching sales of 10 billion yuan.

The Tianhe Road Business Circle, one of the biggest high-end commercial clusters in the country, houses 14 large commercial complexes including Grandview Plaza and Taikoo Hui, six digital consumer product complexes, and two cultural and sports activity carriers like the Tianhe Sports Center.

Since it started operating in February 1996, the business circle has completed a massive transformation from a suburban area to what's been described as the "number one commercial district in South China".

It has a commercial area of 2.4 million square meters and a daily passenger flow of 1.5 million. In 2023, its total sales volume hit 629.6 billion yuan.

This shopping plaza in the Tianhe CBD handles a constant stream of visitors. [Photo/WeChat account: tianhefabu]

Meanwhile, the Zhujiang New Town Business Circle covers about 6 square kilometers with a commercial area of 770,000 sq m, housing nine large commercial complexes including K11.

From 2021 to August 2024, the two business circles introduced 306 first stores, ranking first in Guangzhou city and accounting for 84.06 percent of Tianhe's total.

From January to August 2024, their Parc Central, Link Plaza, Po Park Dongfang Baotai Shopping Plaza, K11, Taikoo Hui, Grandview Plaza, and Tianhe City were selected in the top 10 commercial complexes for introducing high-quality first stores brands in the city.

Currently, there are 105 filing departure tax refund shops in Tianhe, accounting for 32.21 percent of those in Guangzhou. Since the start of 2024, they've handled 6,238 tax refund transactions, with a cumulative sales volume of 222 million yuan.