A 'knowledge city' under construction in Guangzhou, the capital of Guangdong, will be geared to helping the southern province transform itself from being the 'world's factory' of cheap goods into a centre of higher-value production.
The 'Sino-Singapore Guangzhou Knowledge City' is a joint project of the provincial authorities and the government of Singapore.
'It will help Guangdong to establish a new economy with new industries,' said Tay Hun Kiat, chief executive of Sino-Singapore Guangzhou Knowledge City Investment and Development, the joint venture company managing the project.
'It will also hopefully be a showcase for Guangdong. That is our desire, to build a city for the future. If we succeed, it will be possible to replicate such a knowledge city in other cities in Guangdong and beyond.
'It is the policy of the Chinese government for Guangdong to have economic transformation to a higher value-add economy. It is natural to want to move up the value scale, and this city provides an opportunity to do that.'
The joint venture was formed in September last year between Singbridge International Singapore and the Guangzhou Development District's Administration Committee. It plans an initial investment of 4 billion yuan (HK$4.9 billion) this year to establish the 123 square kilometre city.