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Guangzhou’s Development in the New Century and Investment Opportunities

Going with the current of economic globalization and the worldwide expansion of transnational companies, we have made new steps in our opening up to the outside world. Being a famous cultural city, Guangzhou is the largest economic center in South China. Since the implementation of the reform and opening-up policies in China, Guangzhou, the “Southern Gateway to China”, has been liberal-minded and made unprecedented achievements by taking advantage of every development opportunity.

As a result, our comprehensive strength has been significantly enhanced. In the past 22 years, our average annual economic growth rate stood at 14％. Last year, our GDP was RMB 238.07 billion yuan, with per capita GDP reaching 34,500 yuan (about USD 4,175), which ranked Guangzhou among the highest in the top 10 cities in the nation. As economy grows, our infrastructure facilities, urban environment and cityscape shaping have all achieved remarkable progress. As an increasingly prominent regional logistic and distribution center of such production elements as talents, technology and information, Guangzhou has strongly supported and spurred the industrialization process and the rise of city cluster in the Pearl River Delta

   One of the secrets why we have made such wonderful progress is that we have been trying to heighten our awareness of competition in the global economy, adhere to our export-oriented strategy, get actively involved in the mainstream of world economy, create a broad, multi-dimensional and multi-layer open economic framework, internationalize our economy, and stimulate the rapid social and economic progress.

According to statistics, since the implementation of opening-up policy, our export has registered an average annual growth of 21％. In 2000, the total amount of our export and import reached USD 23.38 billion, of which export accounted for USD 11.82 billion, and export markets cover more than 200 countries and regions in the world. Our cumulative actual utilization of foreign capital is USD 24.5 billion, ranking second among the 10 cities in China.

(Excerpted from the speech “Guangzhou’s Development in the New Century and Investment opportunities)