Canton Investment Development Commission established; new incentives announced to boost foreign investment

(Photo by Guangzhou Municipal Bureau of Commerce)

The Canton Investment Development Commission (CIDC) was launched on June 28 with a grand ceremony in Guangzhou. The commission will provide high-quality and efficient services to global investors, serving as the project planner, resource integrator, and opportunity creator for Guangzhou's development.

At the same time, Guangzhou announced its latest incentives for foreign investment, with the CIDC being the main body responsible. The commission will collaborate with the city's districts, national enterprises, and platforms to form a comprehensive network for attracting foreign investment.

According to the new incentives, Guangzhou's efforts in attracting foreign investment will focus on key industries such as display technology, automotive and components, consumer goods, modern services, and emerging industries like new generation information technology, new energy, new materials, high-end equipment, and green conservation. The city will also provide comprehensive services for project registration, land allocation, approval, customs clearance, and construction.

Furthermore, Guangzhou will establish key industry function zones and district development guidelines to optimize the entire process of attracting foreign investment. It will also promote the "market+resources+application scenario" model, which combines industries, districts, and characteristic parks to provide specialized project services.

(Photo by Guangzhou Municipal Bureau of Commerce)

Meanwhile, Guangzhou is announcing that it will solicit design plans for the "Invest in Guangzhou" logo and slogan from around the world. No registration or participation fee is required. The solicitation event will last from June 28 to August 31, and the winners will be announced on October 1. There are three awards: "Invest in Guangzhou" Logo Best Design Award, CIDC Logo Best Design Award, and "Invest in Guangzhou" Slogan Award. Each winner will receive a prize of 10,000 yuan and an electronic certificate. 

According to statistics, from January to May 2024, 3,235 new foreign-invested enterprises were established in Guangzhou, representing a year-on-year growth of 48.7%. The manufacturing industry saw the largest increase in actual foreign investment, with a growth rate of 53%, accounting for 29% of the city's total foreign investment.