Around Guangzhou Railway Station, there are some large markets which are all nice for shopping. In this area, you could also find comfortable hotels at reasonable rates.

On the other hand, you may consider staying in a hotel close to Yuexiu Park or the Haizhu Square, both of which are the commerical center area in downtown area. There is a popular hotel here called Shifu Hotel, which is also not far from the famous Shangxiajiu Pedestrian Street of Guangzhou.