According to statistics from the Department of Commerce of Guangdong, Guangdong utilized more than 152.2 billion RMB of foreign investment in 2019, an increase of 4.9% year on year. More than 45 projects have been established with the investment value of more than US$ 100 million.
In 2019, Guangdong pushed forward the commencement of the BASF (Guangdong) Verbund site and GE offshore wind-power projects, and introduced a further batch of high-quality foreign-funded projects such as Toray high-end new materials and R&D headquarters and Kawasaki industrial robotics.
In addition, Guangdong has introduced high-quality foreign-funded projects in industries including bio-medicine, communication equipment manufacturing and technological transformation services. The high-tech industry utilized 34.55 billion RMB of foreign investment, accounting for 22.7% of investment across the whole province.
In regards to key markets along the Belt and Road, export to ASEAN and the EU has increased by 13.9% and 10% respectively. ASEAN and the EU are becoming the second and third largest trading partners of Guangdong.
Guangdong to issue new plans for reform and opening-up of the FTZ
This year, Guangdong will issue plan 4.0 for the reform and opening-up of the FTZ, striving to expand the Qianhai-Shekou area and the Shenzhen-Hong Kong Cooperation Area. More focus will be put on promoting new international trade modes, such as international transit, international assembly and offshore trade.
Guangdong FTZ recorded 456 ‘innovation accomplishments’ in 2019, 122 of these have been put forward across the province and a further 38 nationwide.
Such measures included the negative list of cross-border service trade from the Guangdong FTZ to Hong Kong and Macao being adopted into the newly signed CEPA supplementary agreement on service trade. In addition, Guangdong was approved to access the free trade account (FT account) system and established a convenient experiment spot in Qianhai.
Customs clearance has become more convenient. In 2019, the construction of Shenzhen Liantang port, Zhuhai Qingmao port and the reconstruction of Shenzhen Huanggang port and Zhuhai Wanzai port and other key ports is all underway. The 24-hour customs clearance of Shenzhen Bay Port has also been streamlined.
Authors: Will, Zoey
Editor: Simon
