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Guangzhou eyes more investment from US companies
Undergoing a transformation into an international hub of innovation from a traditional trade port, Guangzhou is seeking out US companies for investment.

Updated:1489737993Source:Chinadaily & CGTN

Undergoing a transformation into an international hub of innovation from a traditional trade port, Guangzhou is seeking out US companies for investment.

"We encourage US multinational companies to invest in Guangzhou, which is a well-known business-friendly city," Cai Chaolin, vice mayor of Guangzhou, said Tuesday during a roadshow for the 2017 Fortune Global Forum to be held in Guangzhou in early December.

In an address to US officials and business leaders in Washington DC, Cai introduced Guangzhou's initiatives of developing a technology innovation hub, which is expected to bring new business opportunities for US companies coming to the city.

As part of the efforts to enhance cooperation in technology innovation between Guangzhou and the United States, Cai also announced the set-up of Guangzhou's liaison offices in Boston and Silicon Valley, two famous innovation centers in the Eastern and Western coasts of the United States.

"We want to know what's happening in these innovation centers," Cai said, adding that the two offices would help Guangzhou gather innovation resources and high-end talents around the world so as to establish its own innovation hub.

Nina Easton, co-chair of Fortune Global Forum and chair of Fortune Most Powerful Women International, said at the same event that Guangzhou, China's southern gateway to the world, is the ideal location for the 2017 Fortune Global Forum with the theme of "Openness and Innovation: Shaping the Global Economy" .

"As a center of international trade for many centuries, Guangzhou is both a renowned symbol and a modern manifestation of China's participation in global commerce," Easton said, noting that the city has become "highly attractive" to multinational companies due to initiatives launched by the municipal government to facilitate investment and trade, its strategic position on the Maritime Silk Road as well as its participation in the free trade zone of Guangdong Province.

"More than half of Fortune Global 500 companies have already made investments or set up operations in Guangzhou, with the potential to continue expansion," Easton said.

For more than 2,000 years, Guangzhou, also known as Canton, has been a major hub connecting China to the world. Imports to China through Guangzhou exceeded 52 billion U.S. dollars in 2015, and the city facilitated nearly 7 billion U.S. dollars of foreign investment into China in 2016. Guangzhou has become one of the world’s largest markets, with consumers spending more than 119 billion U.S. dollars every year.

Editor:Penny Liu
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