Guangzhou government approved a three-year action plan (2018-2020) for Guangzhou's active participation in the Belt and Road (B&R) Initiative during an executive meeting on May 22.
The action plan was divided into three major parts with 48 items covering the work of 84 units in the city. It clarified that it is necessary to promote the formation of a new pattern that Guangzhou will open to the outside in an all-round way and develop into an important hub for the construction of the Belt and Road Initiative.
The action plan, based on the status quo of the city, proposed 39 specific measures including promoting investment and trade liberalization and facilitation, increasing investment and trade cooperation, enhancing infrastructure interoperability, accelerating financial cooperation and technological innovation and deepening people-to-people cooperation and exchange.
Nine specific plans were also proposed to ensure its smooth implementation, such as establishing a working mechanism for Guangzhou's participation in the B&R Initiative, building an electronic information platform, intensifying business environment reform and exploring legal service system.
As an important national central city, international trade center and comprehensive transportation hub, Guangzhou has solid foundation and outstanding advantages of participating in the national initiative.
By April 2018, Guangzhou had established 165 enterprises (institutions) in countries involved in the initiative, with the agreed investment amounting $3.48 billion.
The import and export volume of Guangzhou and the countries involved accounted for more than a quarter of the city's total.