(Source: Guangzhou Municipal Commerce Bureau)
On September 13, Guangzhou held a Mid-Autumn networking event for multinationals, during which it released its latest report on the city's foreign investment.
According to the report, as of August 2024, foreign enterprises in Guangzhou account for 2% of the total number of enterprises in the city. Yet, they contribute over 30% of the city's total import and export value and industrial value added above the designated size, as well as over 40% of the value added in advanced manufacturing above the designated size. This highlights their critical role as a support force for Guangzhou's economic and social development.
(Source: Guangzhou Municipal Commerce Bureau)
The report shows that since the reform and opening-up, Guangzhou has consistently ranked among the top cities in China in terms of attracting and utilizing foreign capital. In 2023, the actual utilization of foreign investment reached 48.32 billion yuan (approximately 6.758 billion USD), accounting for 30.4% of the total in Guangdong Province.
Last year, Guangzhou established 6,629 new foreign-funded enterprises and had an actual utilization of foreign capital amounting to 48.32 billion yuan. The newly added investments encompass a wide range of fields, with manufacturing, trade, commercial services, and scientific research & development being the primary areas of foreign investment.
Among these, 1,008 new high-tech foreign enterprises were established, with actual utilized funds of 25.564 billion yuan, accounting for 52.9% of the total. Additionally, 6,445 new service sector foreign enterprises were registered, with actual utilized investments of 41.157 billion yuan, which makes up 85.2% of the total.
Currently, 362 Fortune Global 500 companies have invested in Guangzhou, with six of their headquarters in the city. In 2023, Guangzhou emerged as the Chinese city with the fastest growth in unicorn companies, adding 22 new ones, 12 more than in 2022. By 2024, the number of global unicorns is expected to increase by 2, reaching 24.
In terms of investment sources, Hong Kong SAR, Macao SAR, and Taiwan province ranked first in 2023 with an investment amount of 42.684 billion yuan, followed by France at 1.433 billion yuan, Japan (779 million yuan), the United Kingdom (670 million yuan), and Singapore (572 million yuan).
National economic and technological development zones and pilot free trade zones serve as frontiers for Guangzhou's hotspots for foreign investment destinations. In 2023, the actual utilization of foreign capital in Guangzhou Development Zones exceeded 3 billion USD for the first time, ranking first among national economic development zones for five consecutive years, with Nansha Development Zone ranking second nationally for two consecutive years.
Xie Weiguang, Deputy Secretary-General of the Guangzhou Municipal Government, said at the event that Guangzhou has long been committed to creating a foreign investment-friendly business environment through efficient services, intensified investment efforts, and high-standard empowerment. This commitment has witnessed rapid growth in foreign investment in Guangzhou, the increasing number of foreign partners, and the continuous optimization of the returns on foreign investment. Xie encouraged foreign investors to land more high-level projects and high-quality businesses in Guangzhou.
Reporter: Nan
Editor: Monica, James
