Page 120 - 2024 Special Report on the State of Business in South China
P. 120
inbound tourism; strengthen the management - Build a high-quality development engine
and guidance of outbound tourism; enhance the with strong capacity for global resource allocation,
level of tourism cooperation between Guangdong, innovation and collaboration. By 2025, the total
Hong Kong, Macau and Taiwan; strengthen import and export trade will reach RMB400 billion
domestic and regional tourism cooperation; and the accumulated FDI inflows will be about
promote international cooperation in tourism US$40 billion and tax revenue will increase by
with high quality. about 5% annually.
Special economic zones - Form a new development model that
Guangdong, Hong Kong and Macau can enhance
China (Guangdong) Pilot Free Trade Zone the level of synergies in terms of economy,
governance, market factors. Direct investment
The China (Guangdong) Pilot Free Trade Zone from Hong Kong and Macau will reach about
(GDFTZ) has been at the forefront of the country’s US$35 billion, and the total number of registered
reform and opening-up. In the past eight years, Hong Kong and Macau-invested enterprises will
the GDFTZ has driven the GDP growth of the three be 30,000.
major platforms of Hengqin, Qianhai, and Nansha
to more than double, with a total of over 260,000 - To basically constructed a platform for
new enterprises established and 24,000 Hong in-depth cooperation among Guangdong, Hong
Kong and Macau funded enterprises established. Kong and Macau, a new space for industrial
The actual utilization of foreign investment has development of Hong Kong and Macau, a highland
reached nearly US$50 billion , and the total annual for innovation and entrepreneur of Hong Kong
growth of foreign trade in the past three years has and Macau.
exceeded 25%20.
Nansha area of Guangzhou
In September 2021, the government of
Guangdong announced the first Five-Year Plan for Nansha is an administrative district of the
the GDFTZ, the specific planning for the next five city of Guangzhou in Guangdong, located at
years includes: Guangzhou’s southern tip and the center of the
Pearl River estuary, adjoining Dongguan to the
Development targets:21 east and Zhongshan to the west. In 2015, an area
of 60km2 in Nansha was incorporated into the
- The role of the highland of institutional China (Guangdong) Pilot Free Trade Zone, which
innovation is more prominent, the level of became one of the three subzones of Guangdong
liberalization and facilitation of investment and Free Trade Zone (the other two are Qianhai Shekou
trade will reach international first-class level, a Area and Hengqin New Area).
multi-level and all-round financial service system
will be formed. Nansha’s GDP exceeded RMB 225 billion
(US$31 billion) in 2022, up 4.2% YoY. During the
- Further optimization of the business same period, there have been 299 newly signed
environment and promotion of a fair and open projects with a total investment of RMB 688
market. The government management and service billion and the proportion of strategic emerging
capability will be further improved. The GDFTZ industries has reached 76%, with an increase of
will take a leading position in the evaluation from 14%22. Financial industry saw significant growth
World Bank business environment index. of 9.1%, the added value of the sector reached
nearly RMB20 billion (US$2 billion)23. Nansha
20 General Administration of Customs of Guang-
dong, https://www.gd.gov.cn/hdjl/hygq/content/ 22 Nansha by China Daily, http://subsites.
post_4195225.html chinadaily.com.cn/guangzhou/nansha/2023-
21 Government site of Guangdong, http://www. 06/15/c_895218.htm
gd.gov.cn/zwgk/wjk/qbwj/yfb/content/post_3533834. 23 Nansha by China Daily, http://nansha.guang-
html dong.chinadaily.com.cn/2023-07/06/c_900562.htm
120
and guidance of outbound tourism; enhance the with strong capacity for global resource allocation,
level of tourism cooperation between Guangdong, innovation and collaboration. By 2025, the total
Hong Kong, Macau and Taiwan; strengthen import and export trade will reach RMB400 billion
domestic and regional tourism cooperation; and the accumulated FDI inflows will be about
promote international cooperation in tourism US$40 billion and tax revenue will increase by
with high quality. about 5% annually.
Special economic zones - Form a new development model that
Guangdong, Hong Kong and Macau can enhance
China (Guangdong) Pilot Free Trade Zone the level of synergies in terms of economy,
governance, market factors. Direct investment
The China (Guangdong) Pilot Free Trade Zone from Hong Kong and Macau will reach about
(GDFTZ) has been at the forefront of the country’s US$35 billion, and the total number of registered
reform and opening-up. In the past eight years, Hong Kong and Macau-invested enterprises will
the GDFTZ has driven the GDP growth of the three be 30,000.
major platforms of Hengqin, Qianhai, and Nansha
to more than double, with a total of over 260,000 - To basically constructed a platform for
new enterprises established and 24,000 Hong in-depth cooperation among Guangdong, Hong
Kong and Macau funded enterprises established. Kong and Macau, a new space for industrial
The actual utilization of foreign investment has development of Hong Kong and Macau, a highland
reached nearly US$50 billion , and the total annual for innovation and entrepreneur of Hong Kong
growth of foreign trade in the past three years has and Macau.
exceeded 25%20.
Nansha area of Guangzhou
In September 2021, the government of
Guangdong announced the first Five-Year Plan for Nansha is an administrative district of the
the GDFTZ, the specific planning for the next five city of Guangzhou in Guangdong, located at
years includes: Guangzhou’s southern tip and the center of the
Pearl River estuary, adjoining Dongguan to the
Development targets:21 east and Zhongshan to the west. In 2015, an area
of 60km2 in Nansha was incorporated into the
- The role of the highland of institutional China (Guangdong) Pilot Free Trade Zone, which
innovation is more prominent, the level of became one of the three subzones of Guangdong
liberalization and facilitation of investment and Free Trade Zone (the other two are Qianhai Shekou
trade will reach international first-class level, a Area and Hengqin New Area).
multi-level and all-round financial service system
will be formed. Nansha’s GDP exceeded RMB 225 billion
(US$31 billion) in 2022, up 4.2% YoY. During the
- Further optimization of the business same period, there have been 299 newly signed
environment and promotion of a fair and open projects with a total investment of RMB 688
market. The government management and service billion and the proportion of strategic emerging
capability will be further improved. The GDFTZ industries has reached 76%, with an increase of
will take a leading position in the evaluation from 14%22. Financial industry saw significant growth
World Bank business environment index. of 9.1%, the added value of the sector reached
nearly RMB20 billion (US$2 billion)23. Nansha
20 General Administration of Customs of Guang-
dong, https://www.gd.gov.cn/hdjl/hygq/content/ 22 Nansha by China Daily, http://subsites.
post_4195225.html chinadaily.com.cn/guangzhou/nansha/2023-
21 Government site of Guangdong, http://www. 06/15/c_895218.htm
gd.gov.cn/zwgk/wjk/qbwj/yfb/content/post_3533834. 23 Nansha by China Daily, http://nansha.guang-
html dong.chinadaily.com.cn/2023-07/06/c_900562.htm
120
