Guangzhou's growth buoyed by investment, tax policy

Sizeable industrial companies in Guangzhou, Guangdong province generated 4.2 percent growth in industrial added value in the first 10 months of this year, as support was extended to stabilize the economy amid the COVID-19 outbreak.

The city booked a 13.4 percent increase in industrial investment during the period with greater support to the real economy, said Chen Xu, deputy director of the city's development and reform commission, at a news conference on Thursday.

Tax authorities of the city processed new exemptions and refunds of taxes and fees on businesses exceeding 90 billion yuan ($12.7 billion) in the first 10 months.

In an effort to safeguard people's livelihoods, temporary price subsidies were expanded to 48.39 million yuan during the period, benefiting about 746,000 people, data from the commission showed.

About 505.1 billion yuan in investment, or 96.6 percent of this year's plan, was completed in 1,654 major projects in the city in the first 10 months, Chen said.