Guangzhou looks to expand foreign investment

More foreign technology and manufacturing projects will be introduced in Guangzhou, Guangdong province, in 2023, as local authorities have pledged to organize frequent and efficient investment events in key industries, a local commerce official said.

"We will adhere to the real economy as the foundation, seizing the opportunity of industrial chain relocation in developed countries and regions such as Europe and the United States," said Luo Zheng, deputy director of the Guangzhou commerce bureau, at a news conference on Thursday.

Luo said investment projects will be in the fields of artificial intelligence, integrated circuits, life sciences, new energy storage, new materials and high-end equipment and manufacturing.

In the first 11 months of 2022, the actual utilization of foreign investment in Guangzhou exceeded the year before, with foreign capital in the manufacturing industry being sharply increased by more than 78 percent year-on-year, Luo said.

After changes were made to the COVID-19 policy, a delegation consisting of local officials and enterprise representatives visited Germany, Switzerland, South Korea and Japan for investment exchange events in December, promoting industrial projects such as hydrogen vehicles, modern commerce and trade, medical equipment and precision manufacturing.

"Many senior executives of multinational enterprises expressed their willingness to visit Guangzhou as soon as possible and to promote deep cooperation with the city," Luo said.

According to Huang Xingyao, deputy director of the Guangzhou Industry and Information Bureau, advanced manufacturing will be a key investment area for the city. Guangzhou's manufacturing investment reached 87.46 billion yuan ($12.72 billion) in the first 11 months of 2022, an increase of 22.1 percent year-on-year.

In the cultural and tourism sector, local authorities will introduce a series of music events in the first quarter to boost performing arts consumption, according to Zhang Sheng, deputy director of the Guangzhou culture, radio, television and tourism bureau.

The city will also hold two key cultural and tourism events — the 2023 Intangible Cultural Heritage Brand Conference and the Guangzhou Cultural Industry Fair — in March to further activate the culture and tourism market.

The authorities issued 20 million yuan worth cultural and tourism consumption vouchers at the end of last year, covering the upcoming Spring Festival holiday, according to Zhang.