Guangzhou looks to open up more industries and improve transport network
Guangzhou is stepping up efforts to upgrade its economy, with plans to open more industries to foreign investors and a big investment in improvements to the city's transport network this year.
The capital of Guangdong province, which is waiting for approval from Beijing to set up a free-trade zone in its Nansha district, is now compiling a list of the types of investment that would be excluded from such a zone.
Xiao Zhenyu, director general of Guangzhou's Bureau of Foreign Trade and Economic Co-operation, said yesterday that it was a step towards opening up some manufacturing and service sectors to foreign investors.
An official said some service industries, such as the medical, legal and education sectors, would first be opened up to Hong Kong and Macau professionals before being expanded to people from elsewhere.
Guangzhou is banking on co-operation with Hong Kong and Macau to reinforce development of its service industry, with Nansha positioned as the "bridgehead" to promote the co-operation, especially in the logistics sector.
"We have plans to further deepen our co-operation with Hong Kong companies regarding the integrated logistics services for home appliances," said Zhou Hai, deputy director general of Nansha's Bureau of Economy and Trade.
Logistics veterans in Hong Kong said the city was running out of warehouses to cater to growing retail sales, boosted by mainland tourists, and some logistics facilities or functions had to be migrated to other cities in the Pearl River Delta.
In a bid to promote Guangzhou's logistics and transport industries, two custom-bonded areas, in Nansha and at Guangzhou Baiyun International Airport, implemented simplified customs and clearance procedures last year.
The changes included waiving cargo inspections for goods that enter the customs-bonded area but not the customs control border, and are similar to those applied to the Shanghai free-trade zone.
Guangzhou will invest 109 billion yuan (HK$137 billion) this year in intercity railway and subway projects and the building of flats for those on low incomes. The city government has also kicked off construction projects to boost the vehicle, e-commerce and internet service sectors.
