Commencement event held alongside World Economic Forum in Davos shows city's commitment to supporting foreign business, investment in China
GUANGZHOU, China, Jan. 23, 2018 /PRNewswire/ -- The City of Guangzhou today commenced a novel year-long global event aimed at further accelerating Guangzhou's opening up to the world and supporting foreign investment, enterprises and talent entering or expanding in China.
"2018: Global conversations between Guangzhou and the world" will involve a series of stops around the world designed to spur discussions about doing business in China, create cross-border insights sharing and to enhance collaboration between Guangzhou and foreign enterprises. The commencement event was held today alongside the World Economic Forum (WEF) where global leaders are gathered for the annual meeting.
The "global conversations" event welcomed dignitaries from Guangzhou and local government, international enterprises, Fortune 500 companies and pioneering local businesses who learned how Guangzhou will celebrate and advance China's 40th anniversary of reform and opening up to the world.
The city enjoyed a strong year in 2017 that further elevated its position as an international hub of commerce. Guangzhou is at the forefront of easing restrictions on access to foreign investment and to creating an increasingly pro-business environment that enables start-ups and multinational companies to prosper in China.
The city anticipates a 7.5% increase in economic growth for 2018, following a year of continued economic prosperity and advancement that saw GDP exceed two trillion yuan.
In 2017, the city implemented 124 measures for investment and trade facilitation, broadening reform of the administrative examination and approval systems that multinational enterprises formerly saw as barriers to entry to China. These advancements continued to attract attention from leading high-tech and foreign enterprises, including a number of Fortune 500 companies.
Over the course of last year, the total volume of imports and exports increased 13%, actual utilization of foreign investment grew by 10.3%, investment in infrastructure and real estate development increased 11.9% and 10%, respectively, and fiscal revenues from the area rose 14% year-over-year to 594.7 billion yuan. Looking ahead, more development from across a broad spectrum of leading-edge industries is already planned for 2018.
As part of its comprehensive 2018 plans, the city has committed to taking a lead in further strengthening the reform of China's business environment. This involves the continued implementation of strategic tax and fee reductions, enhancing the market-oriented legal ecosystem for international businesses, and holding this novel "global conversations" event series, among other initiatives.
Reinforced efforts on internationalization, innovation and modernization helped better equip and position Guangzhou as a hub of sci-tech innovation for 2018 and beyond. In 2017, 40,000 new science and technology innovation enterprises were established in the region, shaping next-gen fields like IT, AI and bio-pharmaceuticals. Total investment in scientific and technological R&D increased more than 20% over the course of 2017, accounting for roughly 2.5% of GDP.
The city's focus on fortifying its role as an urban core also boosted its position in the international marketplace. Increased global resource allocation capability and continued maturity further cemented Guangzhou's position as a leading international shipping, aviation and science and technology innovation hub. By halfway through 2017, a 5.5 billion yuan investment for 34 international shipping projects had led to eight new liner routes for container foreign trade. Plus, more than 10.3 billion yuan was invested in 35 new international aviation projects and 13 new international airlines, increasing airport traveler handling capacity by 10.8%.
By proactively fostering a pro-business environment that enables strategic international development and investment while further easing access to the market, Guangzhou is at the forefront of opening China to the world and helping tomorrow's business leaders build a strong future in China.
SOURCE Guangzhou News Center