Guangdong launches 24 special measures

Recently, Guangdong Province unveiled an opinion on implementing integrated measures in five foreign-related fields as part of efforts to promote high-level opening-up in the province.

The opinion, issued by the People’s Government of Guangdong Province, detailed 24 special measures that would facilitate the development of new systems for a higher-level open economy and comprehensively enhance Guangdong’s position in the global industrial, supply, and value chains.

In the first two months of 2024, the imports and exports of Guangdong witnessed double-digit growth, getting off to a good start. Its total foreign trade volume reached 1.35 trillion RMB, up 24.9 percent year-on-year.

To maintain steady growth and optimize the structure of foreign trade, work will begin on building leading export-oriented industrial clusters, tapping into key overseas markets, and developing new forms and models of foreign trade.

Cross-border e-commerce has become a new growth driver of Guangdong’s foreign trade. According to the opinion, the province will build 20 “industrial clusters plus cross-border e-commerce” parks, foster 10 leading cross-border e-commerce companies worth ten billion RMB, and establish 500 large overseas warehouses.
Regarding foreign investment, the document proposes to optimize the work mechanism for investment promotion, strengthen investment promotion in the manufacturing sector, and build a first-class investment environment.Chen He, head of the School of Economics and Trade of the Guangdong University of Foreign Studies, said that one of the province’s advantages in attracting foreign investment is that it boasts strong industrial clusters. Many foreign-funded companies along the supply chain have come here because of that.

Foreign investors will be encouraged and guided to prioritize the sci-tech and innovation field to attract a batch of high-level foreign R&D institutions to set up in Guangdong.

In terms of attracting overseas talent, Guangdong will focus on bringing in more highly skilled, sophisticated, and cutting-edge professionals and optimizing the implementation of a series of policy measures, including the Foreigner’s Work Permit, foreign talent visa, and the recognition of high-level talents from overseas, as well as from Hong Kong, Macao, and Taiwan.

According to Chen, moving forward, the province will attract more high-quality foreign businesses through ever-improving industrial clusters and enormous market demand to seek common development.

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