GUANGZHOU, China, June 8, 2017 /PRNewswire/ -- Guangzhou, host of the 2017 Fortune Global Forum later this year, is becoming an economic hub of innovation and is strengthening international investment and trade with the United States.
This week, key representatives from the municipal government of Guangzhou are visiting Chicago to meet with representatives from related U.S. government agencies and enterprises to allow engagement across public and private sectors. The 2017 Global Fortune Forum will take place in December where world leaders and heads of global businesses will discuss creating an open perspective and innovative approach for future development and investment.
"Guangzhou and U.S. businesses have had a strong economic relationship and I am happy to see we've had many success stories of cross-border collaboration," said Vice Mayor Cai Chaolin. "It is clear both sides will continue to benefit from mutual investment and I truly look forward to what we can achieve together."
Guangzhou not only has a rich history and unique culture, but it is an important trade center, an open port to China and is currently one of the most active economic regions in the world. As Guangzhou is enhancing its connection to the global market, it attracts nearly 200 thousand purchasers every year from around the world just to the Canton Fair alone. In 2016, the total sales of Guangzhou goods reached up to around 799.62 billion USD and the total imports and exports reached 129.7 billion USD.
The U.S. is currently Guangzhou's largest trade partner. In 2016, Guangzhou had a trade volume of around 16.03 billion USD with the U.S., which accounted for 13.1 percent of Guangzhou's total foreign trade volume. In the first quarter of 2017, the Guangzhou-U.S. trade volume soared to around 4.03 billion USD, up 22.1 percent. By March 2017, U.S. direct investment in Guangzhou reached 999 companies, worth up to 2.24 billion USD in foreign capital and 1.55 billion USD in actual capital.
The investment atmosphere in Guangzhou has become more convenient for foreign entrepreneurs and enterprises as it provides on-going support for enterprises, start-ups and talent. Polices are being implemented to reduce the burden for these enterprises through government self-reforms and through the streamlining of administrative examinations and approval permissions. Guangzhou also continues to lower operating costs, reduce administrative fees, establish government funds and provide incentives for foreign corporations. In 2016, the government reduced up to around 10 billion USD in the cost burden for investing companies. More than half of the Fortune Global 500 companies have already invested in Guangzhou or established operations there.
Guangzhou's "IAB" Strategic Development Plan aims to develop, innovate and integrate the information technology, artificial intelligence and biomedical industries. Guangzhou vows to nurture and introduce a group of leading enterprises in these strategic emerging industries. Recently, the information technology industry has been pushing for the joint development of a new generation of IT manufacturing and internet expansion. Guangzhou is now home to 120 thousand tech and innovative companies and has become one of the three largest communication hubs in China.
The artificial intelligence industry in Guangzhou has been rapidly developing with some major enterprises pathing the way with outstanding innovative abilities. EHANG 184, the world's first Autonomous Aerial Vehicle (AAV) has made its maiden flight in Guangzhou and, as a result, received an order of 500 AAVs from Dubai. Early this year, a stunt was made by 1000 AAVs with a formation show beside the famous Guangzhou Tower, which broke the record of 500-UAV in a show formation held by Intel and set a new Guinness World Record.
A series of policies are being reformed to expand the scale of the biomedical industry, increase its efficiency, and improve the industrial chain. With 12 national engineering centers in the fields of biology and tech, 13 special incubators, 158 key laboratories, and 128 engineering and technology centers, the industry is attracting international talents and accelerating international cooperation. Guangzhou continues to show its growth potential, developments in science and technology as well as unlimited business prospects.
"Guangzhou has been a major contributor to China's dynamic economy and with the goal of innovation and openness, the possibilities of close collaboration with the United States is endless," said Vice Mayor Cai Chaolin. "We have an exciting future ahead of us."
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SOURCE Guangzhou News Center