Guangzhou will build the modern service economic center with global influence. On March 6, the 5^th session of the Executive Meeting of the 15^th Standing Committee of the People’s Congress of Guangzhou deliberated on and adopted the Plan for Development of the Service Economy (2016-2025) (the Plan). Guangzhou will promote the service industry to develop together with the advanced manufacturing in a coordinated and integrated way, support the manufacturing power city building, and lead the economic transformation and upgrade and comprehensive social progresses.

 

The Plan sets forth that by 2025, Guangzhou’s service economy will continue to expand, and reach the level of the world advanced cities in terms of the quality and benefits, with further concentrated high-end services and high added-value services, and obvious enhanced functions of national service hub and cultural exchange portal. Guangzhou will achieve obvious results in the construction of the international hub for shipping, aviation and scientific innovation and the international trade center, and significantly improve the status and control in the global industrial chain, supply chain and value chain, and basically build a modern service economic center with the global influence.

 

By 2020 and 2025, the added value of the service industry of Guangzhou will reach RMB1.96 trillion and RMB2.8 trillion. The proportion of the service industry in the regional GDP, and the proportion of the added value of the modern service industry in the service industry will reach 70% by 2020, and about 71.5% by 2025.

 

In the future, Guangzhou will give priority to the development of a batch of important service clusters such as Pazhou Internet Innovation Cluster, Guangzhou National Airport Economic Demonstration Zone, Guangzhou International Innovation New Town, and Sino-Singapore (Guangzhou) Knowledge City (SSGKC), and accelerated construction of the important infrastructure construction projects such as Guangzhou-Dongguan-Shenzhen Intercity Railway, Metro Line 18, Metro Line 22, East Extension of Linjiang Avenue, Nanda Trunk Line, and Guangzhou Railway Station Renovation, further optimize the hard and soft environment, and provide more high-quality space for the development of the service economy. The city will speed up construction of CISCO (Guangzhou) Smart City, Alibaba South China Operation Center, Guangzhou Baiyun International Airport Comprehensive Bonded Area (Phase II), South China International Airport Aviation Service Center and other projects to provide more new economic increment for Guangzhou’s development.

 

Guangzhou will enhance fostering of the large-scale, medium-sized, small and micro service enterprises, and work hard to form a major enterprise echelon with strong innovation capability, high market influence, and sustainability. By 2020, Guangzhou will try to build three service leading enterprises with the annual output of RMB100 billion.

 

Source: Translated from Invest Guangzhou, March 7, 2017