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Guangzhou unveils new measures to optimize business environment for foreign investment

Recently, Guangzhou released several measures to further optimize its business environment with the aim of attracting more foreign investments.

(Photo / Nanfang Plus)

Foreign capital is encouraged to invest in the real economy

With these new measures, Guangzhou plans to attract more foreign capital to invest in its real economy, such as advanced manufacturing, emerging industries, and modern service industries. The city also aims to build an international advanced manufacturing cluster and an economic center for modern service.

Guangzhou will broaden market access for a series of service industries, including science and technology, wholesale and retail, logistics, education, finance, medical care, telecommunications, culture, and legal affairs.

Furthermore, the city will deepen cooperation with Hong Kong and Macao in the service sector, making it more convenient for professionals from Hong Kong and Macao to practice in Guangzhou in legal, tax-related, financial, architectural design, planning, and medical fields.

Based on these measures, Guangzhou aims to provide more platforms for foreign investment, such as China-Singapore Guangzhou Knowledge City, Guangzhou International Financial City, and Tianhe Central Business District.

(Photo / Nanfang Plus)

More incentives and preferential policies for foreign investment

Furthermore, the city also makes efforts to create a favorable business environment for foreign investors. In this regard, the new measures emphasize the protection of the legal rights and interests of foreign investment while implementing more incentives and preferential policies for foreign investment.

To better facilitate the cross-border travels of international business personnel, Guangzhou will offer special services in visa application, entry and exit, stay and residence for qualified foreign talents and their families. In addition, foreigners with permanent resident ID cards will have easier access to enjoy convenience in public transportation, financial services, health care, and internet payment.

Foreign investment has always been an important driver for Guangzhou's economic development. From January to October in 2023, the city witnessed the establishment of a total of 5,150 new foreign-funded enterprises, an increase of 83.1 percent from the previous year. Over the years, Guangzhou has attracted up to 345 Fortune 500 companies to invest in the city.

Reporter | Nancy Ye

Editors | Olivia, Steven, Abby, James

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