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Headquarters economy booms in Guangzhou

2017-October-10       Source: Newsgd.com

In mid-August the Cold Spring Harbor Laboratory in the United States and Guangzhou Development District signed a memorandum of cooperation to jointly establish a research institute, a scientific and technological achievement transformation center and a biomedicine industry fund.

In mid-August the Cold Spring Harbor Laboratory in the United States and Guangzhou Development District signed a memorandum of cooperation to jointly establish a research institute, a scientific and technological achievement transformation center and a biomedicine industry fund.

The laboratory, which has been home to eight Nobel Prize laureates, focuses on research programs of cancer, neuroscience, plant genetics, genomics, and quantitative biology.

Earlier than that, AsiaInfo, a first Chinese NSDAQ company and the telecommunications software and IT services provider, established its South China regional headquarters and global data headquarters to the city’s Nansha district.

So far, 289 of the Fortune Global 500 companies have made investments or set up offices in Guangzhou, while 120 of them have established headquarters or regional headquarters in the city. That means that at least one out of two Global 500 companies has made an investment in Guangzhou and about one out of four has set up headquarters in the city.

A place of headquarters economy will certainly be a gathering place of high-caliber talents. The different districts of Guangzhou have each rolled out their own incentive policies to woo and retain talent individuals. The Guangzhou Development District, for example, offers academicians, Nobel Prize winners and PhDs of world-renowned universities a maximum of 10 million yuan settling-in allowance and a project support fund of 200 million yuan.

Also, in its effort to boost the headquarters economy, Guangzhou gives priority to the emerging industries of strategic importance by implementing a plan to develop projects of new generation information technology, artificial intelligence and biomedicine (IAB) and creating a number of industrial clusters valued at 100 billion yuan.

A batch of leading IAB projects of such companies as Foxconn, Cisco, GE, BeiGene, AsiaInfo and GAC have broken ground since January this year. The total investment involved amounted to nearly 100 billion yuan. In 2016, the output value of the IAB sectors was estimated at 472 billion yuan.

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Editor: Jasmine

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