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Guangzhou Ranks Third in Headquarter Economic Development Capability

Updated Beijing Time

What is the maximum power of the "Headquarters Economy"? It is learned from the Guangzhou Development and Reform Commission yesterday that it had completed "The Research Report on Guangzhou's Headquarter Economy Development" and defined for the first time the "Headquarters Economy", together with the relevant authorities. In 2006, Guangzhou's headquarter enterprises, which accounted for less than 1% of the enterprises, brought in nearly 30% of the total tax revenue of Guangzhou.



Citic Plaza, the tallest building in Guangzhou's CBD Tianhe District



The research report showed that Guangzhou comes after only Shanghai and Beijing among the 35 major cities in China in terms of the development capability of the headquarters economy, ranking third. The headquarter bases in Guangzhou have basically formed a clustering development tendency, mainly centered in Yuexiu, Tianhe, and Luogang Districts. The financial and commercial areas of Huanshidong, Tianhebei-Sports Center, and Zhujiang New City have become the clustering areas for the headquarter enterprises in Guangzhou with the fastest development speed, a comparatively large scale and maturity.

According to the standard category statistics of the report, Guangzhou had a total of 508 headquarter enterprises in 2006, among which the second and third sector enterprises totaled 156 and 352, accounting for 31% and 69% respectively. Guangzhou had 122 regional headquarters of multinational companies, 71 of which were industrial enterprises.

What is the role Guangzhou's headquarter economy plays in the whole situation of Guangzhou? Tax revenue accounts. Guangzhou realized nearly 30% of its total tax revenue from the headquarter enterprises, which accounted for less than 1% of the total enterprises. In 2006, the headquarter enterprises in Guangzhou accounted for 0.64% of the total enterprises, realizing a tax revenue of RMB 44.41 billion and accounting for 29.24% of the total tax revenue of Guangzhou. The local tax revenue these headquarter enterprises paid accounted for 22.97% of the total of Guangzhou with an average tax payment of RMB 87.4188 million, 45.54 times as much as that of the average number of all the enterprises in Guangzhou.

Headquarter Economy

Guangzhou has taken the lead to define and interpret the concept of a "Headquarter Economy" this time. According to the survey report, the headquarter economy refers to the economic pattern that enterprise (regional) headquarters of the multinational companies, large domestic enterprises and listed companies located in the regional centers or central cities with highly-dense capital, technology and talent resources produce strong radiation effects to the surrounding cities or even the world though resource scheduling. The headquarter economy includes both headquarter enterprises and headquarter bases.

Source: english.gz.gov.cn

Editor: Jessie Hwang

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