Like knows like, Fortune Global Forum chooses Guang

BY :lifeofguangzhou.com

UPDATED :06 12, 2017


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Since 1995, the Fortune Global Forum, known as "the clearest and most direct window to grasp the world economy", has convened world leaders and the heads of global business – the chairmen, presidents, and CEOs of the world's largest companies – on the dynamic frontiers of international commerce. Only cities that were in the limelight of the global economic community were chosen to host the event. This year, it is Guangzhou. The capital of Guangdong Province in South China, a historically vibrant hub for free trade and innovation investment, is turning into a modern commercial metropolitan. Guangzhou being selected to host the 2017 forum is a two-way choice for the organizer – the Fortune magazine – and the city, both economic heavyweights. By then, international economic magnates will meet to brainstorm on blazing a new trail for win-win development in a world fraught with challenges.
"Guangzhou, China's southern gateway to the world, is the ideal location for the 2017 Fortune Global Forum. 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," Fortune editor-in-chief Alan Murray said.
"At a time when globalization is under attack, we believe the Guangzhou forum will be a powerful demonstration of the importance of global commerce and the profound change that technology is bringing to global business," he added.
Insiders believe that the choice is a recognition of Guangzhou's strength in hardware and software.
One of China's three convention and exhibition hubs, the city hosted 35 international conferences from 2014 to 2015, emerging as a center for high-level, diversified and wide-ranging global meetings.

Guangzhou has maintained a good momentum of economic growth over years and its GDP has been ranked 3rd among major Chinese cities for 27 consecutive years. Its economy registered an average annual growth rate of 10.1 percent from 2011 to 2015 and grew 8.1 percent in 2016. The city's thrice industrial structure has been upgraded to approach the level of developed countries. As a hinge connecting China to the world, Guangzhou is home to world-level harbors, airports, rail ports and inforports.
It has established economic and trade relationships with more than 220 countries and regions on five continents and 288 of the Fortune Global 500 companies have already made investments or set up operations in the city. Guangzhou topped Forbes China List of Best Cities for Business five times in six years.
Lin Jiang, vice head of both the Hong Kong, Macao and Pearl River Delta Research Center and the Institute of Free Trade Zones of the Guangzhou-based Sun Yat-sen University, is convinced that the Fortune Global Forum, dubbed "the Olympics of the economic arena", is a treasure itself and will bring prosperity to Guangzhou.
"It is a recognition of Guangzhou's comprehensive economic strength and marks the city has taken a step closer to ascend to the world’s top-tier city group," Lin said. "It also creates an opportunity for the city to strengthen its weak links and make a change for the better."
He added that the forum will help the world make a closer acquaintance with Guangzhou and lure world corporate giants to invest, which may bring projects involving billions of yuan to the city and the country.
"The projects will pressure the local government to cut red tapes and take measures to protect intellectual property rights to retain investors, which will be propitious to push forward the reform of the supply front," Lin said.