Guangzhou policies lure intl business

Guangzhou municipal development and reform commission is adopting a series of measures to provide a better business environment for international investments in the city.

The development of a more international business environment in the Guangdong province capital has been underway since 2015 and the commission is continuously implementing policies covering government administration, market management, trade openness, innovation and entrepreneurship, and life services.

The Guangzhou municipal government has streamlined executive and power structures to create lists of government powers and responsibilities, as well as guidance for service process, publicizing it on its official website.

Based on the Nansha Free Trade Zone, the city has established institutional frameworks which follow international norms, helping to bring about 239 innovative achievements in intellectual property protection and e-business rules. Sino-Singapore Guangzhou Knowledge City has introduced more than 50 enterprises. The census registers any problems that foreign talents have using a "green card" system especially designed for them.

The government has also reduced production costs, allowing enterprises to purchase electricity directly from power plants. It is estimated that this process saves 4 million yuan ($589,000) per year. The cancellation of charges for 93 other business-related items and services has saved 96.5 billion yuan for enterprises since last year.

Guangzhou has also newly established and introduced enterprises by lowering the barrier for entrance into the market. As a business center, the city has been widely praised for its "Guangzhou speed" – a high-efficiency project approval process. Electronic registration and licences are commonly used, with business registrations often only taking three days.

The convenient commercial environment has attracted many international enterprises. Of the 288 top 500 companies in China, 120 have chosen to headquarter themselves in Guangzhou. The city has ranked first for foreign investment many times in Forbes' "Chinese Best Business Cities" listing.