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China technology

Guangdong’s US$65 billion plan to help move China up the hi-tech industry chain

Southern province to spend funds over the next three years to boost sectors such as IT and biomedical technology

PUBLISHED : Sunday, 19 August, 2018, 2:35pm
UPDATED : Sunday, 19 August, 2018, 2:35pm

China’s southeastern province of Guangdong aims to invest more than 450 billion yuan (US$65.46 billion) in strategic and emerging industries in the three years through to 2020.

The move is in line with Beijing’s effort to upgrade its industries toward higher-value and low-pollution production.

The province plans to keep an annual industrial investment growth rate of around 6 per cent over the coming three years and boost strategic industries such as information technology, high-end equipment manufacturing, green and low-carbon technology, biomedical technology, new materials and the marine economy, according to a statement from Guangdong government on Friday.

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The statement explicitly asked local authorities in the Pearl River Delta, a manufacturing base on the edge of the South China Sea, to attract more companies in the electronic and car industries’ supply chains.

The provincial government also urged local authorities to speed up construction of industrial estates and give more preferential packages, including easier access to land, to attract companies in key industries.

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It also plans to launch an offshore wind power generation base in the southwestern part of the province and hundreds of pilot projects in smart manufacturing.

Local governments in Guangdong will be encouraged to cooperate with financial institutions to get funds, while companies will continue to obtain financing in the bond market or from banks with more credit, according to the statement.