Category Archives: Economy

Shenzhen, Dongguan lead job recovery

Shenzhen and Dongguan are the country’s leading cities for job-posting during the coronavirus recovery period, according to data from 58.com, with Guangzhou not far behind.

The top 10 cities are: Shenzhen, Dongguan, Beijing, Chongqing, Chengdu, Guangzhou, Shanghai, Zhengzhou, Changsha, and Hangzhou.

The industries advertising the most positions are wholesale and retail, manufacturing, and IT.

Wholesale and retail in particular has seen booming demand, the data showed. This is despite the slowdown and near-annihilation of shopping malls, as demand had shifted online to a large extent. Demand for medical materials and epidemic-prevention supplies has surged, while daily necessities have kept up. This was seen even in fresh food platforms, where online services had kept supplies flowing during the crisis.

The epidemic had also boosted innovative online recruitment channels, using AI, VR, and live video.

Read more (in Chinese).

Nansha leads Guangzhou growth

Guangzhou’s fiercely competitive districts are one reason why the provincial capital was able to remain so resilient in a tough external environment last year. Every year the city publishes its rankings of them, based on GDP, both in absolute terms and growth. In 2019, the southernmost district, Nansha, came out tops in growth but still had some distance to catch Tianhe, according to official data. 

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Huizhou plans new 100b yuan cluster

Huizhou is building a new industrial park in its Huiyang district that will be generating 100 billion yuan in output within the next 5-8 years, local media reported the city’s government as saying. Clustered on the district’s Sanhe street, it will actually be a collection of buildings and production facilities: Huiyang Xiangling Intelligent Science and Technology Industrial Area, Huaxia-Shunze Information Industry Cluster Area, and Wandong Wisdom Valley Industrial Area.

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Zhuhai grows 6.8%, upbeat on services

Zhuhai got a boost last year from the final stages of construction of the Hengqin Railway Station, which is due to open soon, but its economy has also been doing surprisingly well thanks to growth in tech manufacturing and services, latest preliminary data shows.

The city’s leadership announced this week GDP growth of 6.8%, putting Zhuhai tied with Foshan and behind only Dongguan and Shenzhen (+7% each) among the GBA’s fastest-growing cities.

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Shenzhen mayor says city just changing gears

Shenzhen’s mayor, Chen Rugui, sees no cause for concern in the city’s recent economic slowdown, pointing out that quality is more important than quantity. Industrial upgrading is causing some challenges as traditional industries either become more valuable through infusions of technology, or move out of the city, yet the mayor is upbeat about the future.

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Shenzhen to keep investing, while ‘considering private participation’

Shenzhen will see fixed-asset investment continue to grow strongly in 2020, the city government says, with projects under way budgeted to cost around 177 billion yuan, 23% more than 2019. 

Infrastructure will be a big part of this, including 12 rail transit projects under construction. Others include the redevelopment of Binhai Avenue in Nanshan, where the futuristic Shenzhen Bay Headquarters Base is being built, and the establishment of a National Science Center in the Guangming “Science City” district. 

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New Foreign Investment Law takes hold

Now that 2020 is 15 days old, and the US and China have a deal (sort of) on trade, it might be time to shake off the New Year’s hangover and knuckle down to understanding the opportunities available to investors in the world’s 11th-largest economy.

A good way to start would be to read the Foreign Investment Law, which went into effect on January 1. It brings in some major changes in how foreign investors are treated, offering increased protections. For new investors, it makes it a lot easier to incorporate and navigate the bureaucratic minefields, although it is still important to understand the different company structures available to foreigners, which can vary depending on the industry. It also opens new sectors of the economy to foreign investment and, particularly, opens the Belt and Road Initiative to foreign capital.

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