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Guangdong Province Urges Cities and Departments to Double Efforts in Attracting Foreign Investment

BusinessGuangdong Province Urges Cities and Departments to Double Efforts in Attracting Foreign Investment

Guangdong province, one of China’s key economic powerhouses, is looking to attract offshore investment in a bid to promote high-quality development. To this end, the provincial Department of Commerce has introduced a range of new measures aimed at supporting foreign investment. These measures encompass areas such as capital, land use rights, energy consumption, electricity supply, and employment, and are designed to make it easier for foreign companies to invest in the region.

Deputy Director of the department, Chen Yuehua, recently announced the new measures at a news conference, adding that relevant departments would be simplifying procedures to examine and approve foreign-funded projects in the coming months. Chen also urged departments and cities across the province to increase their efforts to attract foreign investment in 20 strategic industries. These industries include the new generation of electronic information, green petrochemicals, advanced materials, semiconductors, and high-end equipment manufacturing.

As part of its push to attract investment from around the world, Guangdong will be partnering with Guangzhou’s city government to organize Invest in China Year in Guangzhou from March 28 to 29. The event will provide a platform for the province to showcase its investment climate, industrial structural transformation and upgrading, and economic construction achievements.

Foreign investment has long played an important role in Guangdong’s economy, which is a major production base for the world. With these new measures in place, the province hopes to further bolster its position as a hub of innovation and development, while also providing a fertile ground for foreign companies looking to invest in China.

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