The Greater Bay
Area’s fastest-growing economy is not Guangzhou or Shenzhen, but Dongguan,
which saw its GDP rise 7.2% in the first three quarters of this year – an
acceleration from 6.9% recorded in the first half.
Driving this growth
was the city’s staple of manufacturing – both in terms of output and input. In
the year to end-September, the added value of industrial enterprises above
designated size rose by 8.0%, while fixed-asset investment surged by 18.1%.
September seems to
have been a particularly strong month. Industrial production was up 15.9% over
August, which was a clear departure from a steadily slowing month-on-month
trend up to that point.
Continue reading Dongguan tops GBA growth charts
Guangdong’s 25,000 private companies have invested more than RMB99 billion in recent years on their “intelligent transformation”, according to a survey. That is equivalent to RMB4 million per company.
The survey, by Southern Metropolis Daily and the provincial Department of Industry and Information Technology, showed 60% of interviewees said they had conducted “smart upgrades” in the past three years. Most chose to invest in strategic new industries like vehicle manufacturing (38%), new generation information technology (31%), high-end manufacturing and new materials.
More than half of respondents said they believed government financing policies had helped, with more than one-fourth saying they had already benefited. Official data shows that last year, private enterprises based in the province took out RMB471.8 billion in loans, which accounted for more than 60% of all new loans. That momentum continued into Q1, with an additional RMB206.8 billion of loans given out, up 16% YoY.
Read more in Chinese.
China’s newly revamped Foreign Investment Law will bring greater opportunities for investors in Hong Kong, Macau and Taiwan, Premier Li Keqiang has announced. The premier further said that specifics are being worked out and will soon be clarified through detailed supporting regulations, reports the South China Morning Post.
Speaking at the Boao Forum on Thursday, Li said preferential policies that had proved effective would remain unchanged and the country would broaden market access for investment from the three regions, further opening sectors such as finance, professional services and high-end manufacturing.
Read more here.