Region remains hot spot for enterprises despite the COVID-19 pandemic

Guangzhou, capital of South China's Guangdong province, managed to continue to attract investment in the first seven months of 2019.

A total of 1,436 industrial investment projects were negotiated in that period, a year-on-year rise of 52.76 percent.

A total of 449 projects were agreed, a year-on-year increase of 73.36 percent.

Among the signed projects, 88 have investment exceeding 1 billion yuan ($145.1 million) and 14 have investment surpassing 10 billion yuan.

According to statistics from the Guangdong Provincial Commerce Department, 1,066 enterprises with foreign direct investment were founded in Guangzhou in the first half of 2020.

Officials with Guangzhou municipal commerce bureau said the COVID-19 pandemic caused some difficulties regarding investment, however the city's strengths in business environment and industrial foundation mitigated most of them.

A total of 97 manufacturing projects were signed in the first seven months, accounting for 21.6 percent of the total. Among them, 20 involve biological medicine and 10 are related to new-generation information technology manufacturing.

The service sector saw 342 projects signed, accounting for 76.2 percent of the total. Among them, 74 involve commercial services and 59 involve new-generation information technology service.

Mayor Wen Guohui led a team to attend the World Economic Forum in Switzerland in January where Guangzhou held a cultural exhibition and city promotion events.

Officials from different districts in Guangzhou visited 406 companies online and in other cities, and held 111 events to attract investment from January to July.

All districts are taking measures to enhance the service guarantee for projects.

Zengcheng district has set up a team that works within companies to serve projects' construction. Panyu district is offering service throughout the chain of investment attraction, construction to operation.

Guangzhou held a forum for consolidating foreign trade and capital in July.

Zhang Shuofu, the city's Party secretary, said it is necessary to focus on the implementation of policies that benefit companies and continue to serve different enterprises with favorable policies.

Zhang said the city needs to strengthen important opening-up platforms, such as the China (Guangdong) Pilot Free Trade Zone Nansha Area of Guangzhou and the China-Singapore Guangzhou Knowledge City.

At a commercial conference in May, the Guangzhou government elaborated on its measures for 2020 and said it would improve the investment promotion and service system.

It plans to implement foreign investment regulations and formulate policies for the utilization of foreign capital.

Service for big foreign projects would be strengthened and guaranteed, the government said.

Conventions and exhibitions are another area the government is looking at to attract more investment, with priority given to attract internationally branded exhibitions.

A regular coordination mechanism is to be established for industrial investment projects, with the city carrying out a whole industry chain plan for five major sectors: integrated circuits, new-type displays, smart new-energy vehicles, biological medicine and rail transit.

The government said it would strengthen global promotion for attracting investment, cooperating with international mainstream media to release the latest information and publicize Guangzhou's business environment, industrial advantages and development opportunities.

songmengxing@chinadaily.com.cn