GDD's State-owned assets scale exceeds 360b yuan

The scale of State-owned assets in Guangzhou Development District (GDD) has exceeded 360 billion yuan ($56 billion), ranking first among 219 national economic development zones.

The district has established 10 first-grade State-owned enterprises targeting major industries like new-generation information technology, artificial intelligence and biomedicine.

The scale of State-owned assets in GDD has exceeded 360 billion yuan, a government official announced at a press conference held by the information office of Guangzhou municipal people's government on Dec 22.

Local State-owned enterprises have been active in advancing project construction, scientific and technological innovation, and business attraction. They have provided financial support to the settlement of Xpeng, BeiGene, InnoCare Pharma and CanSemi Technology projects. A fixed-asset investment of more than 120 billion yuan has been completed in recent years. 

In addition, the State-owned enterprises have taken part in the construction of a strategic scientific and technological innovation platform cluster, and the largest scientific and technological incubation and acceleration cluster in South China.

Up next, the district will focus on scientific and technological innovation and the real economy. More than 30 percent of the newly added investment by State-owned enterprises will go to strategic emerging industries.

The GDD will strive to take part in the pilot of State-owned enterprise reform in the Guangdong-Hong Kong-Macao Greater Bay Area. There will be more than 10 State-controlled listed enterprises in the district by 2025.