Page 340 - 2017 White Paper
P. 340
7 White Paper on the Business Environment in China
3.2 Guangdong Province
Heart of the PRD 6. Plastics
7. Petroleum refining and nuclear fuel processing
Guangdong has the largest 8. Garments and footwear
regional GDP of 9. General purpose machinery
China’s provinces and is the country’s biggest exporter, 10. Textiles
accounting for more than a quarter of China’s total
foreign trade. The provincial capital, Guangzhou, is the Furthermore, the provincial government is also
heart of Cantonese culture. Guangdong is also home taking steps to advance the financial industry. In
to three out of four of China’s original special economic 2012, the province’s Financial Department released its
zones - Shenzhen, Zhuhai and Shantou. “Overall Plan of Guangdong Province in Establishing an
Integrated Experimental Area for Financial Reform and
In terms of commerce, Guangdong leads not only the Innovation”. The Plan suggests that added value in the
PRD but, in many cases, the country as a whole, ranking financial industry will account for more than 10 percent
number one in Forbes China’s “Best Cities for Business of provincial GDP by 2020.
2015”. The city is actively supporting the development of
micro, small and medium-sized enterprises, such as via The New Guangdong FTZ
tax incentives introduced in a November 2012 circular.
On April 20, 2015, the policy frameworks for the
Economy Tianjin, Guangdong and Fujian Free Trade Zones (FTZs)
were officially published by the State Council, along with
Guangdong’s economy is estimated to grow by 7.5 an updated Negative List, which details prohibited or
percent in 2016, and reached a GDP output of more restricted industries for foreign investment in all of the
than US$1 trillion last year, according to official statistics four existing FTZs in China.
released by the Guangdong government. If Guangdong
were a separate country, it would rank as the world’s Geographic Scope
sixteenth largest economy, behind Spain and Mexico,
and ahead of Indonesia and the Netherlands. Guangdong The Guangdong FTZ covers an area of 116.2 square
is also taking action to shift its focus onto services rather kilometers and consists of the three following, pre-
than manufacturing. With average wages among the existing development zones:
highest in the country, there is a growing potential
to reorient the provincial economy toward domestic · Guangzhou Nansha New Area (including
consumption rather than exports and cheap labor. Nansha bonded port)
Major industries: shipping industry, logistics, financial
The PRD contributed 79.2 percent of Guangdong’s industry, international trade, high-end manufacturing
economic growth in 2015 through the following leading
industrial outputs: · Shenzhen Qianhai Development Zone
Major industries: financial industry, modern logistics,
1. Communications equipment, computers and information services, technology services
other electronic equipment
· Zhuhai Hengqin New Area
2. Electrical machinery & equipment Major industries: tourism industry, finance services,
3. Smelting and processing of metals cultural and education industry, hi-tech industries
4. Raw chemical materials and chemical products
5. Automobiles
340
3.2 Guangdong Province
Heart of the PRD 6. Plastics
7. Petroleum refining and nuclear fuel processing
Guangdong has the largest 8. Garments and footwear
regional GDP of 9. General purpose machinery
China’s provinces and is the country’s biggest exporter, 10. Textiles
accounting for more than a quarter of China’s total
foreign trade. The provincial capital, Guangzhou, is the Furthermore, the provincial government is also
heart of Cantonese culture. Guangdong is also home taking steps to advance the financial industry. In
to three out of four of China’s original special economic 2012, the province’s Financial Department released its
zones - Shenzhen, Zhuhai and Shantou. “Overall Plan of Guangdong Province in Establishing an
Integrated Experimental Area for Financial Reform and
In terms of commerce, Guangdong leads not only the Innovation”. The Plan suggests that added value in the
PRD but, in many cases, the country as a whole, ranking financial industry will account for more than 10 percent
number one in Forbes China’s “Best Cities for Business of provincial GDP by 2020.
2015”. The city is actively supporting the development of
micro, small and medium-sized enterprises, such as via The New Guangdong FTZ
tax incentives introduced in a November 2012 circular.
On April 20, 2015, the policy frameworks for the
Economy Tianjin, Guangdong and Fujian Free Trade Zones (FTZs)
were officially published by the State Council, along with
Guangdong’s economy is estimated to grow by 7.5 an updated Negative List, which details prohibited or
percent in 2016, and reached a GDP output of more restricted industries for foreign investment in all of the
than US$1 trillion last year, according to official statistics four existing FTZs in China.
released by the Guangdong government. If Guangdong
were a separate country, it would rank as the world’s Geographic Scope
sixteenth largest economy, behind Spain and Mexico,
and ahead of Indonesia and the Netherlands. Guangdong The Guangdong FTZ covers an area of 116.2 square
is also taking action to shift its focus onto services rather kilometers and consists of the three following, pre-
than manufacturing. With average wages among the existing development zones:
highest in the country, there is a growing potential
to reorient the provincial economy toward domestic · Guangzhou Nansha New Area (including
consumption rather than exports and cheap labor. Nansha bonded port)
Major industries: shipping industry, logistics, financial
The PRD contributed 79.2 percent of Guangdong’s industry, international trade, high-end manufacturing
economic growth in 2015 through the following leading
industrial outputs: · Shenzhen Qianhai Development Zone
Major industries: financial industry, modern logistics,
1. Communications equipment, computers and information services, technology services
other electronic equipment
· Zhuhai Hengqin New Area
2. Electrical machinery & equipment Major industries: tourism industry, finance services,
3. Smelting and processing of metals cultural and education industry, hi-tech industries
4. Raw chemical materials and chemical products
5. Automobiles
340
