Host City

Guangdong Special: Guangzhou promotes overseas investment

By Zhan Lisheng (China Daily)
Updated: 2010-10-22 07:58

Lin Xiong (right), head of Guangdong provincial Party committee's publicity department, meets Zhou Li, assistant secretary general of China Daily, during a media group visit to the southern province. The group included media representatives from 18 nations and regions. Wang Jing / China Daily

Guangzhou government officials are increasing efforts to fortify co-operative ties with neighboring countries and regions as the city prepares to host the Asian Games.

"Guangzhou will make good use of the sports gala to maximally promote trade and economic cooperation," said Xiao Zhenyu, head of Guangzhou Foreign Trade and Economic Cooperation Bureau.

"We will encourage more businesspeople in the region to invest in the city's modern services, new and high-tech industries, advanced manufacturing and strategic burgeoning sectors," he added.

The city government will focus on securing finance, logistics, exhibition, service outsourcing and creative firms in Hong Kong and Macao.

Advanced manufacturing and high-tech industries - including automobiles semi-conductors, integrated circuits, LCD TVs, software, bio-technology, digital technology and medical services - are also on the list of priority investors.

Official statistics indicate investors from 37 Asian countries and regions had set up 18,051 projects in Guangzhou as of last August. Contractual investment reached $59.9 billion and committed investment reached $34.3 billion.

A majority of overseas funds came from countries and regions in Asia including Hong Kong, closely followed by Japan, Singapore, Taiwan, Macao, South Korea, Malaysia, Brunei, Thailand, India and Indonesia.

According to an official, local authorities will initiate campaigns to promote Guangzhou-made mechanical, electrical and light industrial products, as well as textiles, furniture and medicine.

They will also promote products with proprietary intellectual property in the Asian markets.

Guangzhou's foreign trade with other Asian countries and regions reached $38 billion from January-August this year, 56.5 percent of the city's total.

Exports to other Asian countries and regions stood at $15.7 billion in the eight- month period, accounting for 50 percent of the city's total. Imports were worth $22 billion, or 61.7 percent of the city's total.

Guangzhou government will continue to encourage local businesses to invest abroad, especially in those areas with rich resources, huge market potential and social stability, said Xiao.

Local businesses had set up 272 overseas investment projects by the end of September, worth some $19.5 billion. Of those, 203 are located in Hong Kong and Macao.

(China Daily 10/22/2010 page14)