Guangzhou featured in Fortune magazine

The development of Guangzhou's economy is to be featured in Fortune magazine in May.

The feature focuses on emerging industries, high-speed development, and innovation, particularly in that of high-tech products, which accounted for 46 percent of industrial output last year.

Fortune, a multinational business magazine, highlights the Guangdong capital's strength in its modern industrial system, which is making great inroads in information technology, artificial intelligence, and biopharmaceutical.

Editor in Chief of Fortune magazine Alan Murray visits Guangzhou and receives an interview on March 2. [Photo by Xiao Xiong/southcn.com]

The article sights the recent 61-billion-yuan deal by manufacturer Foxconn to build a base in the city's Zengcheng district, as a spearhead for electronic manufacturing to hit 500 billion yuan ($72.53 billion) in the city by 2020.

According to Fortune, Guangzhou's high-level open economic system has contributed to an increase in newly-established foreign-invested enterprises by 23 percent last year, and consolidated the growth of joint ventures, like Guangzhou Automobile Group Co, a co-founded state-owned enterprise who achieved 27 percent year-on-year increase in 2016.

In addition, Guangzhou aims to become strategic international hub embracing aviation, shipping, and technical innovation, serving as absorbers of talents, capital, and technology in the long run.

Guangzhou is to host the Fortune Global Forum in December this year.