GUANGZHOU, China, Oct. 25, 2024 (GLOBE NEWSWIRE) -- This year marks the 40th anniversary of the establishment of the Guangzhou Development Zone. The revised Regulations of the Guangzhou Economic and Technological Development Zone (hereinafter referred to as the "Regulations") will officially come into effect on November 1, 2024. The revised Regulations comprise 34 articles in seven chapters, providing comprehensive guidelines on the management system, development and construction, industrial growth, open cooperation, and service guarantees for the Guangzhou Development Zone. These regulations offer robust legal support for a new round of reform explorations in the zone.
The revised Regulations emphasize the delegation of powers, clarifying that the Management Committee of the Guangzhou Development Zone shall exercise management authority at the municipal level. This signifies that the zone will enjoy greater policy advantages and autonomy in areas such as project introduction, land development, and administrative approvals in the future.
Another notable feature of this revision is its focus on high-quality development. The Regulations explicitly enumerate 20 key industries for development, including biomanufacturing, low-altitude economy, artificial intelligence, and digital industries, with provisions for dynamic adjustments. The Management Committee of the Guangzhou Development Zone is required to formulate policies supporting the transformation and upgrading of traditional industries and to promote advanced manufacturing and strategic emerging industries. Continuous optimization of industrial park functions, cultivation of advanced manufacturing clusters, enhancement of financial support, development of innovation and entrepreneurship service platforms, and increased efforts in the application of technological achievements and their conversion will also be prioritized.
Nowadays, the Guangzhou Development Zone has established three major industrial clusters, each valued at over 10 billion yuan, characterized by high-end equipment, biotechnology, and integrated circuits. Additionally, five industrial clusters, each exceeding 100 billion yuan, are represented by automobiles, new displays, green energy, new materials, and health and beauty products. The zone is also taking the lead in the low-altitude economy and artificial intelligence sectors, aiming for a new trillion-yuan market.
The Guangzhou Development Zone was born out of reform and has thrived through openness. As a key gateway for Guangzhou's external openness, foreign investment has always been a pivotal topic since the zone's establishment. In 2023, the actual foreign investment utilized by the Guangzhou Development Zone surpassed 3 billion US dollars for the first time, accounting for 44.4% of the city's total foreign investment. The zone has maintained its position as the top economic development zone in the country for five consecutive years.
In this revision of the Regulations, "openness" remains a prominent development keyword for the Guangzhou Development Zone. The zone aims not only to attract high-quality investments but also to adhere to a strategy of high-quality outbound engagement. By pursuing both "bringing in" and "going global" strategies with equal emphasis, the zone seeks to expand its new development landscape and fully leverage its role as an open platform.
Source: Management Committee of the Guangzhou Development Zone
CONTACT: Contact person: Ms. Li, Tel: 86-10-63074558.
