Dynamic economic development and an improved investment environment have opened up tremendous opportunities for global investors in Guangzhou, capital of Guangdong province,according to a top government official.
"We are positioning to develop a hub network of shipping, aviation and science and technology, deepen supply-side reform and form a high-end, high-quality and high-techmodern industrial system," said Wen Guohui, mayor of Guangzhou. "We aim to develop amore open and market-oriented business environment for global investors."
Wen made the remarks during a keynote speech at the Guangzhou Investment Conferenceon Tuesday, an annual event attended by around 900 representatives from global multinational groups, State-owned enterprises, private companies, financial organizations,science and technology institutes and other industrial representatives.
"The construction of such a hub network will better serve the local economy and greatly help to improve the investment environment," said Wen.
Wen cited a number of under-construction projects, including a series of port projects and the new terminal at Baiyun International Airport, as examples of the developing hub network.
Guangzhou's economy grew by 8.2 percent year-on-year to more than 1.96 trillion yuan($284.5 billion) in 2016.
An exhibition featuring high-tech products was also held during the annual conference,demonstrating the local government's determination to prioritize the development of high-techbusiness.
By the end of 2016, Guangzhou had helped to develop 4,742 high-tech companies, with more funds from government subsidies being invested in the high-tech sector.
"Driven by the booming development of high-tech business, Guangzhou is making great efforts to adjust its economic structure and improve the efficiency and quality of the local economy by developing advanced manufacturing and strategic emerging industries," said Wen.
Peng Wei, president of Carl Zeiss (China) Co Ltd, said the improved business environment in Guangzhou had helped the company to achieve growth in China in a more sustainable fashion. "Doing business is like extracting water from a well," said Peng. "It is true that there will be more water if you dig more new wells. But if you dig fewer wells and make them deeper, you can extract more water in a more sustainable way."
Carl Zeiss, a Germany-based international group of companies operating worldwide in the optical and optoelectronic industry, providing leading industrial solutions, started investing inGuangzhou's Development District some 20 years ago.
"Carl Zeiss has witnessed great changes in the development district, where we had a solidfoundation in business development for the Chinese market," said Peng.
The Guangzhou Development District has now developed three large industrial clusters -new-generation information technology, high-end chemicals and auto and auto-parts, which,in combination, have laid a solid foundation for the local economy.
The district is now home to 135 international investment projects from some of the world's top500 companies, with more than 3,400 foreign investment projects still in the pipeline.
Thanks to the city's robust economy and improved business environment, construction work on a number of new large investment projects has recently begun in Guangzhou.
Sakai Display Products Corp, a subsidiary of the world's largest electronic contractor Foxconn Technology Group, s tar ted construction work on the world's largest 8k-resolution panelfacility in the city's Zengcheng district earlier this month.
During the investment conference on Tuesday, the Zengcheng district government also signed a number of investment agreements with domestic and overseas companies including the United States' UCLA Health, China Automotive Technology & Research Center and Guangdong Zhongke Ruilong Technology Development Co.
Guangzhou has attracted foreign investment contracts worth around 300 billion yuan since the first half of 2016.
A total of 70 investment projects from some of the world's top 500 companies and 98 company headquarters have settled in the city's Nansha pilot free trade zone, which was approved by the central government in 2015.
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