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Guangzhou aims for 7.5% GDP growth rate in 2018

2018-January-11       Source: Newsgd.com

Today (Jan. 11) Wen Guohui, Mayor of Guangzhou, delivered the governmental work report on the city’s Legislative annual Session, emphasizing that in 2018 Guangzhou is aiming to achieve a GDP growth rate of 7.5%.

Wen Guohui, Mayor of Guangzhou, delivering the 2018 Governmental Work Report on January 11th. (Photo: Liang Wenxiang, Nanfang Daily)

Today (Jan. 11) Wen Guohui, Mayor of Guangzhou, delivered the governmental work report on the city's Legislative annual Session, emphasizing that in 2018 Guangzhou is aiming to achieve a GDP growth rate of 7.5%.

Guangzhou's GDP hit 2.15 trillion RMB in 2017

In the report Wen summarized the city's achievements from the past year. In 2017 Guangzhou's GDP hit 2.15 trillion RMB. Since Guangzhou has determined IAB and NEM industries to be the main focus, the city has seen hi-tech enterprises flourish, including many Fortune 500 enterprises as well as leading companies in certain fields last year.

A number of industry leading IAB projects from such companies as Foxconn, Cisco, GE, BeiGene, AsiaInfo and GAC are already underway. Furthermore the USA’s Cold Spring Harbor Laboratory and Guangzhou's Development District signed a memorandum of cooperation on the joint establishment of a research institute, a scientific and technological ‘achievement transformation center’ and a biopharmaceutical industry fund.

Meanwhile, as Wen pointed out, the 2017 Fortune Global Forum held in Guangzhou attracted industry leaders and experts from both international institutes and Fortune 500 enterprises to the city, remarking on Guangzhou’s openness and innovation; experience in brand globalization, the ‘innovation revolution’, inclusive cooperation and sustainable development.

Guangzhou continues to place importance on IAB industries

When mentioning Guangzhou's plan in 2018, Wen indicated that Guangzhou is heading up its 2018 plan with supply-side structural reform. Continuing to place importance on IAB industries, Guangzhou has formulated a five-year action plan and will strive to make the output value of its IAB industries hit one trillion yuan by 2021.

Constructing the National Scientific Technology Industry Innovation Center is an additional priority for Guangzhou's Government. More efforts will be made in constructing the Guangzhou-Shenzhen Science and Technology Innovation Corridor. As a paired policy to boost innovation development, Guangzhou will continue to explore new policies helping global talent recruitment including issuing the so-called ‘Global Talent Green Card’ in advance of an individual's arrival.

Guangzhou is pushing hard to build an open economy in 2018, and it will up the pace of construction on a number of trans-regional transportation projects including the Hong Kong-Zhuhai-Macao bridge and Shenzhen-Zhongshan link. Guangzhou plans to establish several cooperative platforms for key industries such as Guangdong-Hong Kong Industrial Cooperation Park, based within the Guangdong-Hong Kong-Macao Comprehensive Cooperation Demonstrative Zone in Nansha District.

Moreover, Guangzhou will participate in the construction of several overseas industrial parks including the Jazan Economic City in Saudi Arabia, the Melaka Gateway Maritime Industrial Park in Malaysia and Djibouti Free Trade Zone.

Reported by Nan

Edited by Simon Haywood & Olivia Ouyang

Editor: Will

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