Following the new reform policy by the central government, Guangdong has accomplished plenty of achievements on reforming economy system and commercial registration in 2014. As the new year comes by, the fruit of reform will surely boost the development of Guangdong in various ways.
Free Trade Zone settled down
Guangdong Free Trade Experimental Zone will be authorized in this year after one-year effort of declaration to Beijing. The free trade zone will undoubtedly boost Guangdong's economy and bring new business opportunities to Hong Kong people. Apart from concentrating on import and export, Guangdong free trade zone also benefits the greater PRD area (including Macau and Hong Kong) following financial deregulation, interest rates liberation, and RMB globalization.
Science and technology reform boosts innovation
A new regulation to promote the reform of Science and Technology Management System has brought Guangdong's innovation to the high-speed railway. The regulation resets the Science and Technology Plan System and integrates the province's funding of science and technology. It dramatically increases the effectiveness of management of science and technology sector, which benefits the local innovation industry and develops, new business models to boost its foreign trade.
Commercial registration reform encourages new business
As the leader of commercial registration reform in China, the new system in Guangdong, known as Easy-in and Strict-out, has made a huge wave of setting up new business. The latest number showed there were 143.43% more market players being started in Guangdong from January to November 2014 compared to the same period last year. The number of new started corporations has reached to 454.9 thousand, accounting total registered capital as much as RMB 2.6 trillion.
It is reasonable believed that Guangdong's reform has a fruitful ending in 2014. However, Hu Chunhua, Guangdong's Party Secretary showed his concerns on the Fourth Plenary Meeting in January, 2015. He believed Guangdong faced lots of pressure on economic growth this year, keeping stable growth rates would be difficult. Hu also says Guangdong remained its traditional industry characterized with high consumption, high contamination, but low effectiveness. Innovation and creative industries stayed in a weak position while corporations hold proprietary technology accounted for a small number in the province.
Hu advocated that a complete and thorough system and structural reform is necessary. The reform will be the cure of the bottleneck of Guangdong's development. In the coming 365 days, Guangdong will be a national hot spot, looking forward to leading China's reform in a new era.