Construction of 65 major projects in Guangzhou Development District, South China's Guangdong province, started on Monday, marking the latest milestone in the region's pursuit of high-quality economic development.
Of these, 42 are business projects, two focus on industrial parks, seven relate to urban upgrading and 14 are livelihood and infrastructure improvement projects. The total investment value of the projects is 175.4 billion yuan ($25.72 billion).The majority of them relate to strategic emerging industries such as the digital economy, new energy, new materials and artificial intelligence.
The planned investment of business and industrial park projects is 149.4 billion yuan, accounting for more than 80 percent of the total.
Local officials said the business and industrial park projects are of great significance in promoting high-quality economic development, enhancing Sino-Singaporean cooperation, fostering new growth drivers and unlocking new potential in Guangzhou.
A premium business environment is one of the most important elements in attracting companies to the district.
One of those is Chinese smart vehicle maker Xpeng Motors. It plans to invest 10 billion yuan in building a smart production site in the next two years. The site, situated in the China-Singapore Guangzhou Knowledge City, will have an annual production capacity of 100,000 vehicles. The factory will combine stamping, welding, painting, assembling and packing under one roof.
"The CSGKC is a land of creation and passion and it will play an irreplaceable role in supporting the long-term growth of Xpeng," said He Xiaopeng, chairman and CEO of the company.
Chinese internet company Baidu is also keen to embrace opportunities in the region. The company decided to invest 100 million yuan to build a smart vehicle research and testing center in the CSGKC, named Baidu Guangzhou Apollo Park. It will be the largest autonomous driving test base for Baidu in South China, and will be able to test more than 60 vehicles at the same time, according to the company.
Guangzhou Development District, an economic powerhouse in South China's Guangdong province, has maintained steady foreign investment in 2020 despite the COVID-19 pandemic, thanks to its continuous efforts in improving its business environment.
In the first eight months of 2020, contracted foreign capital in the area increased 197 percent year-on-year to $3.49 billion. Paid-in foreign capital reached $1.78 billion, an increase of 17.11 percent year-on-year, ranking GDD first among all districts in Guangzhou, according to the local government.
GDD signed 20 projects on Monday, covering fields such as AI, new infrastructure and biopharmaceuticals. Consumer goods production giant P&G and Chinese electronic component maker BOE Technology Group are among the latest investors.
It is estimated that the 20 new projects, along with the 65 launched ones, will generate 309.8 billion yuan in terms of annual sales revenue after they are put into operation, according to the district.
As of the end of September, the region was home to 196 Fortune Global 500 companies. It also boasts 3,855 large-scale enterprises, which each have an annual operating income of more than 20 million yuan.
The CSGKC, a national-level bilateral cooperation project for both China and Singapore, celebrates its 10th anniversary in 2020.
Leveraging the close partnership with Singapore and opportunities arising from the Guangdong-Hong Kong-Macao Greater Bay Area, it has grown into a core platform of science and technology innovation in Guangzhou.
Construction of a Sino-Singaporean international scientific innovation cooperation demonstration zone in the CSGKC kicked off on Monday. It is planned to cover 2 square kilometers.
The new demonstration zone, an outcome of the China-Singapore Joint Council for Bilateral Cooperation Meeting held in 2019, represents the debut of the second phase of the CSGKC. It will boost Sino-Singaporean cooperation in areas such as technological innovation, intellectual property protection, smart city construction, financial services, talent cultivation and digital economy.
"The first phase of the CSGKC focused on urban planning, infrastructure construction, industrial park development and investment promotion," said Xu Hui, deputy director of the development and construction office at the CSGKC. "The second phase will pay more attention to intellectual property protection, smart city construction and innovation."
According to its latest 15-year development plan (2020-35), approved by the State Council in August, the CSGKC will become a hub of new knowledge, a gathering place of global talent, a demonstration zone of opening-up and cooperation, and a driver of high-quality development in the Bay Area. And the newly launched demonstration zone will play a significant role in leading the CSGKC toward high-quality development.
Twelve projects in the demonstration zone, to be jointly developed by Chinese and Singaporean investors, were unveiled on Monday. For instance, SP Group from Singapore will build a headquarters to better manage energy projects in local markets and further support the development of CSGKC's ecological system.
Star3D Material Development Company (Singapore) will promote the application of 3D technology in the dental clinic sector to bolster CSGKC's digital medical industry development.
"We would like to contribute to the CSGKC's development," said Vincent Yuen, managing director of the company. "We would like to introduce more advanced digital technologies to support the dental clinic industry development in the CSGKC through cooperation programs."
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