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Guangzhou to be Belt and Road hub with three-year plan

2018-May-23       Source: Newsgd.com

Guangzhou aims to become an important hub involved in the Belt and Road Initiative, to make new ground of opening up, according to a three-year plan issued recently.

Nansha Port. [Photo provided to newsgd.com]

Guangzhou is aiming to become a key hub for the Belt and Road Initiative, and make new ground in opening up, according to a three-year plan issued recently.

The plan includes 39 measures linked with the city’s current policies in order to better partner up with countries and regions involved in the Belt and Road Initiative.

Trade and investment, infrastructure, finance and technological innovation, and cultural exchange are all covered by the measures.

To facilitate trade and investment, as well as to further related partnerships, the plan proposes to enhance cooperation with Hong Kong and Macao, emphasizing the city’s Nansha area, also a part of Guangdong FTZ.

Due in part to its legacy as a starting point for the ancient Maritime Silk Road, Guangzhou is now actively participating in furthering the Belt and Road Initiative and hopes to facilitate the liberalization of investment and trade with countries and regions involved in the initiative.

As of April 2018, Guangzhou had set up 165 enterprises (institutions) in countries along the Belt and Road, with a contracted investment of 3.48 billion dollars.

The trade between Guangzhou and Belt and Road countries accounts for over a quarter of the city’s total.

The next step is to encourage cooperation in terms of production capacity, service trade and investment.

As regards infrastructure, Guangzhou is to reinforce the function as an international shipping and aviation hub. By 2020, the city will have invested 100 billion yuan ($15.8 billion) in its port and shipping projects, and there will be 120 international cargo ship routes operating between Guangzhou and the rest of the world.

To upgrade air connectivity, it will push forward the construction of T3 at Baiyun International Airport and begin the planning phase for a second international airport in the next three years.

With regard to the fields of financial cooperation and technological innovation, the government is offering support in the development of financial institutions and innovation platforms.

Last week, the city brought its 2018 financial road show to Tokyo, San Francisco and New York in order to attract new companies and talent. It's the first time Guangzhou has promoted its drive to become a financial hub in these world-class bay areas.

Finally, as regards cultural exchange, the plan aims to promote the city’s international influence through culture, art and sports events.

Reported by Will

Edited by Olivia, Monica, Simon

Editor: Will

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