Page 438 - 2018 White Paper on the Business Environment in China
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8 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. And in 2016, Guangdong
2015”. The city is actively supporting the development of released more measures to support financial industry.
micro, small and medium-sized enterprises, such as via
tax incentives introduced in a November 2012 circular. The New Guangdong Free Trade
Zone (FTZ)
Economy
On April 20, 2015, the policy frameworks for the
Guangdong’s economy is estimated to grow by 7 Tianjin, Guangdong and Fujian FTZs were officially
percent in 2017, and reached a GDP output of more than published by the State Council.
US$1.1 trillion in 2016, according to official statistics
released by the Guangdong government. If Guangdong Geographic Scope
were a separate country, it would rank as the world’s
fifteenth largest economy, behind Spain and Australia, The Guangdong FTZ covers an area of 116.2 square
and ahead of Mexico and Indonesia. Guangdong is also kilometers and consists of the three following, pre-
taking action to shift its focus onto services rather than existing development zones:
manufacturing. With average wages among the highest
in the country, there is a growing potential to reorient · Guangzhou Nansha New Area (including Nansha
the provincial economy toward domestic consumption bonded port)
rather than exports and cheap labor.
Major industries: shipping industry, logistics, financial
The PRD contributed 79.3 percent of Guangdong’s industry, international trade, high-end manufacturing
economic growth in 2016 through the following leading
industrial outputs: · Shenzhen Qianhai Development Zone
Major industries: financial industry, modern logistics,
1. Communications equipment, computers and other information services, technology services
electronic equipment
· Zhuhai Hengqin New Area
2. Electrical machinery and 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
438
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. And in 2016, Guangdong
2015”. The city is actively supporting the development of released more measures to support financial industry.
micro, small and medium-sized enterprises, such as via
tax incentives introduced in a November 2012 circular. The New Guangdong Free Trade
Zone (FTZ)
Economy
On April 20, 2015, the policy frameworks for the
Guangdong’s economy is estimated to grow by 7 Tianjin, Guangdong and Fujian FTZs were officially
percent in 2017, and reached a GDP output of more than published by the State Council.
US$1.1 trillion in 2016, according to official statistics
released by the Guangdong government. If Guangdong Geographic Scope
were a separate country, it would rank as the world’s
fifteenth largest economy, behind Spain and Australia, The Guangdong FTZ covers an area of 116.2 square
and ahead of Mexico and Indonesia. Guangdong is also kilometers and consists of the three following, pre-
taking action to shift its focus onto services rather than existing development zones:
manufacturing. With average wages among the highest
in the country, there is a growing potential to reorient · Guangzhou Nansha New Area (including Nansha
the provincial economy toward domestic consumption bonded port)
rather than exports and cheap labor.
Major industries: shipping industry, logistics, financial
The PRD contributed 79.3 percent of Guangdong’s industry, international trade, high-end manufacturing
economic growth in 2016 through the following leading
industrial outputs: · Shenzhen Qianhai Development Zone
Major industries: financial industry, modern logistics,
1. Communications equipment, computers and other information services, technology services
electronic equipment
· Zhuhai Hengqin New Area
2. Electrical machinery and 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
438
