Few areas to consider would be the Haizhu District, Tianhe District, Beijing Pedestrian Street, and Shangxiajiu Pedestrian Street.
The Haizhu and Tianhe districts are both quite developed - good for sightseeing, good if you want to go to supertall building observation decks (Canton Tower is in the Haizhu district), but definitely not good for cheap stuff.
Beijing and Shangxiajiu are both recommended areas for me. Both relatively short walking streets with markets that are quite bustling.
Beijing Street is more touristy, similar to Times Square. Lots of big screens and flashing lights, popular area for foreigners, with a lot of knockoff goods that are slightly overpriced.
Shangxiajiu Street is similar to Beijing Street in that it's a walking street with lots of knockoffs, but that's about the end of the similarities. Much more authentic, lots of locals, not a whole lot of English. Slightly cramped, but definitely an interesting experience in my opinion.
All of these areas are pretty easy to reach via the metro system. Chinese metro systems are stupidly efficient and effective.
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