Dongguan’s premier tech district, clustered around Songshan Lake and anchored by Huawei’s massive R&D center, put in a sterling performance in 2019, growing 11% YoY, according to local media.
Without giving a number in yuan, the report said Songshan Lake will generate tax revenue of about 16.3 billion yuan, ranking first in Dongguan. Fixed-asset investment of about 23 billion yuan and industrial output of 540 billion yuan were also first in the municipality. Advanced manufacturing and high-tech manufacturing accounted for more than 90% of that output.
Continue reading Songshan Lake grows 11% in 2019
Guangzhou’s special economic zone of Nansha has decided to follow a trend among the GBA’s economic growth engines to play down expectations for 2020. Following Dongguan and Shenzhen, which have said they expect growth in 2020 to be several basis points lower than 2019, the region’s fastest-growing major district has said its GDP will grow by only 7.5% in 2020, down sharply from more than 10% in 2019, according to a local media report.
The past year was a good one for Nansha, which has several major construction projects under way. Its GDP was expected to be about 160 billion yuan once official data is released, according to the local government. This would represent 10.3% growth over 2018, a significant surge from 2018’s 6.5% growth.
Continue reading Nansha grows 10%, but expects only 7.5% in 2020
In the northeast corner of Guangzhou, a vision of the city’s future has been rising for nearly a decade. Thanks to some major investments announced recently, and as the project nears the halfway mark of its original 20-year development plan, an opportune moment has arisen to review its progress. Local media have been gushing about its potential.
Continue reading Knowledge City: Sino-Singapore dream realized
Of all the places in the Greater Bay Area, Nansha probably has the grandest ambitions. Once little more than a site of large deposits of alluvial sand, at the mouth of the Pearl River, today Nansha is being spoken of as the one true “core” of the Greater Bay’s development plan. Finance, technology, scientific research, and shipping are all being clustered here with a view to building a New Area that can propel the next stage of the region’s – and the country’s – growth.
To say it has come a long way from humble beginnings would be an understatement. Nansha only became a district of the provincial capital, Guangzhou, in 2005, when it was separated from the larger Panyu District. Back then, it was known for not much more than being the source of the sand that laid the foundations – literally – of Hong Kong’s real-estate boom in the post-war period. But already, its potential was being measured due to its location on the southernmost tip of Guangzhou. The country was embarking on a wave of experimentation after joining the WTO a few years before, and it was designating national-level New Areas around the country to launch experiments in economic reform. Nansha was the sixth of these, tapped for future stardom in 2012. (read our explainer of what a New Area is.)
Continue reading Nansha: From sand to fintech
Qianhai has a lot of yet-to-be leased office space on the market, with vacancy rates at historic highs for a district in Shenzhen. Never mind, says international real estate consultancy Colliers, it will catch up fast and likely overtake the neighboring Houhai district.
Thanks to policy support for the special economic zone, which is attracting a surge of investment, Colliers believes Qianhai will benefit from near-term and longer-term trends in the coming years. (Read our primer on Qianhai to understand more.) Subsidies are currently generous, making rents here less than 70% of what they are in other districts, while infrastructure is being put in place that will soon make the district easier to access from the rest of the city. Continue reading Qianhai’s office rent seen catching up fast
The special economic zone on the southern tip of Guangzhou is experimenting with some bold, innovative reforms. From the farmlands of Hengli Island, a new financial powerhouse is rising.
Continue reading World Financial Island rises in Nansha’s Hengli
In the wake of the Qianhai Cooperative Forum 2019, which was held at the weekend, the city has released statistics showing how fast the special economic zone is ramping up investments and output.
Official data shows utilized foreign direct investment in Qianhai jumped 12.1% to $2.533 billion in the first six months. Hong Kong companies were the most aggressive, and now account for nearly 90% of the zone’s total utilized FDI of US22 billion. Their utilized FDI was 60% of Shenzhen’s and 20% of the entire province’s during the first half.
Continue reading HK investment ramps up in Qianhai
You might have heard about the ‘Innovation Corridor’ linking Guangdong’s tech hubs with Hong Kong. But what is it? Here we explain the basics of ‘One Corridor, Ten Cores, and Multiple Supporting Nodes.’ Forget Zhongguancun in Beijing; this is where ‘China’s Silicon Valley’ is being built.
Continue reading Explainer: the GBA’s Science and Technology Corridor
The Guangdong Financial High-tech Zone, located in Foshan’s Nanhai district, close to the border of Guangzhou, has attracted more than 670 financial institutions and enterprises in the past 12 years.
Yes, we have never heard of it, either.
The provincial government backed high-tech zone, which is positioned as a support base for the development of the province’s finance industry, has seen its companies execute investments worth RMB112 billion, with RMB820 billion of assets under management.
The zone is home to over 30,000 staff, primarily working as back-office support to finance companies. They work mostly in clusters. In the Qiandenghu (Thousand Lamp Lake) town, for example, there are 489 private equity funds with names such as IDG Capital, Technology Financial Group, Beijing Heju Investment, and China Trust Protection Fund. These have raised a total of RMB61 billion.
Last year, the Financial High-tech Zone set an audacious new goal for itself: to create a “blockchain” powered fintech innovation base, and to construct a complete value chain that complements the Qiandenghu Venture Capital Town.
Now that we know about it, watch this space for more detailed introduction to the zone.
According to a new index ranking China’s Free Trade Zones, Shenzhen’s Qianhai is the country’s No. 1.
The Institutional innovation Index for China Pilot Free Trade Zones (2018-2019), released by Guangzhou’s Sun Yat-sen University, gave Qianhai a score of 86.26 points. It was followed by the Shanghai Pilot Free Trade Zone at No. 2, and Guangzhou’s Nansha at No. 3.
Qianhai scored No. 1 in “transformation of government functions,” “investment facilitation,” “trade facilitation” and “legal environment.”
(If you need to understand the zones better, read our primer.)