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Guangdong is China's most prosperous province; its GDP has topped the rankings since 1989 amongst all provincial-level divisions. According to provincial annual preliminary statistics, Guangdong's GDP in 2009 reached CNY3,908,159 million, or US$572,121 million, making its economy roughly the same size as that of Turkey or Indonesia. The Guangdong province has the third highest GDP per capita in China, after Jiangsu and Zhejiang provinces. The province contributes approximately 12% of China's national economic output, and is home to the production facilities and offices of a wide-ranging set of multinational and Chinese corporations. Guangdong also hosts the largest Import and Export Fair in China called the Canton Fair in Guangdong's capital city Guangzhou.

After the communist takeover and until the start of the Deng Xiaoping reforms in 1978, Guangdong was an economic backwater, although a large underground, service-based economy has always existed. Economic development policies encouraged industrial development in the interior provinces which were weakly joined to Guangdong via transportation links. The government policy of economic autarchy made Guangdong's access to the ocean irrelevant.

Deng Xiaoping's open door policy radically changed the economy of the province as it was able to take advantage of its access to the ocean, proximity to Hong Kong, and historical links to overseas Chinese. In addition, until the 1990s when the Chinese taxation system was reformed, the province benefited from the relatively low rate of taxation placed on it by the central government due to its post-Liberation status of being economically backward.