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World's leading companies drawn to invest in GZ
General Electric (GE) broke ground on its first bio-campus in Asia in Huangpu district, Guangzhou, on June 23.

Updated:1499068785Source:SilkRoadPost

General Electric (GE) broke ground on its first bio-campus in Asia in Huangpu district, Guangzhou, on June 23. Designed to cover an area of 350,000 square meters in its first phase, the biotech park, when finished, will produce an annual US-8 billion worth of biomedicine.
 
With the project of this mega-company descending on Guangzhou, it can be expected that more leading biopharmaceutical companies will soon follow.
 
Since the GE project was launched last year, BeiGene, a globally focused biopharma company, began building an oncotherapy medicine manufacturing center in the same area in March. It settled there as a member of GE’s circle of friends and aimed to produce the world’s best and most affordable anti-tumor drugs.
 
Sinopharm Financial Leasing, a joint venture of two Global 500 companies — China National Pharmaceutical and China Life Insurance — has also signed an agreement with Guangzhou Development District (GDD) to set up its South China base in the city.
 
What makes Guangzhou attractive to Global 500 companies?
 
“Guangzhou has an excellent investment environment, low market costs and plenty of opportunities for development," said Jeffrey Immelt, GE's chairman, on his visit to China this March. “The government is very efficient in providing services.”
 
 His comment is very true of Guangzhou. The city’s investment-friendly environment and administrative convenience are made available to investors through favorable policies, such as “Golden 10” and “Gem 10,” which Huangpu district issued to promote advanced manufacturing, modern service industry, headquarters economy and high-tech industry, and to attract talented individuals and protect intellectual property rights.
 
 Low market costs, in particular, are what make Guangzhou special. The high cost in many first-tier cities, of land especially, has been forcing manufacturers to relocate factories to peripheral cities. But Guangzhou has become popular with Global 500 companies. Huangpu district alone has seen over 50 projects of over 1 billion yuan each launched and operating in the city.
 
A biomedicine cluster emerging
 
Guangzhou is smart to introduce leading companies and big projects to the city, as most of the technological innovation in the world is pulled off by big enterprises. And the industrial giants, with strong financial and technical support, tend to attract small and medium-sized providers to get a slice of the action.
 
“We have a common goal of building an industrial cluster of biomedicine in the south gate of China and promoting China’s biopharmaceutical industry to another level, ” said Duan Xiaoying, senior vice president of GE and CEO of GE China.
 
With Guangzhou promoting promising industries like information technology, artificial intelligence and biopharmaceuticals (I.A.B), more and more industrial leaders are likely to invest in Guangzhou and bring along with them an industrial cluster to the city.

(By Sophia Tang, Louis Berney)

 

Editor:Penny Liu
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