SHANGHAI, July 28, 2017 /PRNewswire/ -- The Guangzhou municipal government held a forum in Shanghai on Thursday to discuss open perspectives and innovative approaches for continued economic development. Guangzhou and Shanghai serve as significant national central cities, and have grown into major international hubs with both capitals representing China's growth and development opportunities for domestic champions and global enterprises, alike. The two regions are home to a number of the 115 Chinese firms on the 2017 Fortune Global 500 list, and have attracted attention from leading overseas firms as well. The event welcomed government officials, executives from leading international enterprises as well as Clay Chandler, Executive Editor, International, Time Inc. and a Co-Chair of the Fortune Global Forum.
Guangzhou is an important contemporary international trade center and modern transportation hub, representing one of China's earliest reform and open areas. It has also been twice ranked as the top "City of Opportunity" by PricewaterhouseCoopers and the China Development Research Foundation. In 2016, the total sales of Guangzhou goods reached over USD 831.3 billion, with total imports and exports reaching USD 129.7 billion. The momentum is only continuing. In the first quarter of 2017, 508 foreign direct investment enterprises were established in Guangzhou, equating to USD 1.886 billion in actual use of foreign capital.
In 2016, domestic and overseas passenger throughput in the region reached 59.78 million passengers with a cargo handling capacity of 1.638 million tons, and in 2017, Guangzhou will increase its number of international airline routes by up to 15, from 149 to 164. Meanwhile, Guangzhou continues to follow an innovation-focused strategy as the guiding force to drive development in the city. There are already more than eight million square meters of high-tech science and technology business incubators in the region, with more than 120,000 technology and innovative companies forming a powerful nucleus for emerging industries like Internet, bio-pharmaceuticals, new materials, industrial robots, autonomous drones, 3D printing and beyond.
A new initiative between Guangdong Province, Hong Kong and Macao Special Administrative Regions (SARs) also aims to deepen collaboration across the regions and help support China in its further opening up to the world. This 'Greater Bay Area' initiative has become a primary topic of conversation among scholars and entrepreneurs from both cities. Commenting on this, Cai Chaolin, Standing member of CPC Guangzhou Committee and Director of 2017 Fortune Global Forum Executive Committee, said: "China is devising a development plan for the Guangdong-Hong Kong-Macau Bay Area to build the Greater Bay Area into the fourth world-class Bay Area after New York, San Francisco and Tokyo Bay. As the three central cities, Guangzhou, Shenzhen, Hong Kong, along with Macau, will work together to lead some of the world's most economically vibrant regions to form a world-class urban agglomeration as China continues to build its level of economic cooperation and competitiveness globally. This city cluster is working at international levels to strengthen innovation and development. The future growth potential, scientific and technological prospects and business outlook here are incredible."
At the top of the Guangdong-Hong Kong-Macao Greater Bay Area is the Guangzhou Development District, which is an export-oriented economy that benefits from the many industrial advantages of the Bay Area. Already here, three industrial clusters have been established, comprising electronic information, chemical engineering and automobiles, and have reached a value of around USD 14.85 billion, with four other industrial clusters--on new materials, food and beverage, metalworking and biological health -- achieving a value of around USD 7.43 billion. This district accounts for 40 percent of the industrial value and one third of the utilization of foreign capital in Guangzhou, and represents the core zone for helping establish the city as an international hub of science and technology innovation.
The Guangzhou Development District is continually enhancing the environment for investment and trade facilitation, and developing reforms for businesses in order to foster a convenient investment, operational and development atmosphere. In addition to supporting an advanced manufacturing industry, a modern service industry, a headquarters economy and regional high-tech industries--or the four "Golden 10" -- the district has also rolled out a number of global talent and intellectual property protection policies.
The Guangdong Nansha Free Trade Zone is playing a key role in helping to explore in-depth collaborations across Guangdong, Hong Kong and Macau, especially with regard to scientific and technological industries, talent acquisition and cooperation, innovation and beyond. The overall business environment has also witnessed subsequent growth and development. By the end of June 2017, the number of new enterprises established in the Nansha Free Trade Zone had increased by 30,221 companies.
With all of its positive momentum, Guangzhou was selected as the ideal city to host the 2017 Fortune Global Forum, slated for December 6-8, which will gather word leaders and heads of global businesses to discuss the future of the economy and economic development.
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