Companies based in Guangzhou invested a combined total of $3.24 billion in the first 11 months of this year, accounting for nearly half of the province's total and representing a surge of 82.7%. In addition, a proposed energy project involving an investment of approximately $3 billion is pending regulatory approval. On December 23, the Guangzhou Municipal Bureau of Foreign Trade and Economic Cooperation hosted a seminar on the "going global" policy, explaining in detail the new version of the Administrative Provisions on Outward Investment to competitive local companies with plans to tap into the international market.
At the seminar, officials announced that the outward investment by Guangzhou companies has jumped from $7.22 million in 2002 to $2 billion in 2013, averaging an annual growth rate of 67%. In the first 11 months, the outward investment of Guangzhou companies exceeded the $3-billion mark to reach $3.24 billion, accounting for nearly half of the province's total overseas investment of $7.6 billion.
So far, Guangzhou companies have invested a cumulative total of $8 billion abroad. As many of 89 of the overseas investment projects each involve an investment of more than $10 million; the projects together have a total investment of about $6.6 billion, and mostly involve the energy resources, agriculture, forestry, animal husbandry and fishery, real estate, wholesales, trade, logistics, warehousing, finance, leasing and investment industries. In the first 11 months of this year, Guangdong had 14 overseas investment projects each with an investment of more than $100 million, and seven of them are located in Guangzhou, according to Chen Hua, deputy director-general of the Guangdong Provincial Department of Commerce.