Guangzhou Development Zone Updates Regulations, Effective November 1, 2024

GUANGZHOU, China, Oct. 25, 2024 — This year marks the 40th anniversary of the establishment of the Guangzhou Development Zone. The revised Regulations of the Guangzhou Economic and Technological Development Zone (hereinafter referred to as the “Regulations”) will officially come into effect on November 1, 2024. These revised Regulations, which encompass 34 articles across seven chapters, provide a comprehensive framework for the management system, development, construction, industrial growth, open cooperation, and service guarantees within the Guangzhou Development Zone. The regulations serve as robust legal support for a new round of reform initiatives within the zone.

The revised Regulations emphasize the delegation of powers, making clear that the Management Committee of the Guangzhou Development Zone will exercise management authority at the municipal level. This signifies that the zone will enjoy enhanced policy advantages and autonomy in areas like project introduction, land development, and administrative approvals in the future.

Another key aspect of this revision is its emphasis on high-quality development. The Regulations explicitly identify 20 key industries for development, encompassing biomanufacturing, the low-altitude economy, artificial intelligence, and digital industries, with provisions for dynamic adjustments. The Management Committee of the Guangzhou Development Zone is mandated to formulate policies that support the transformation and upgrading of traditional industries, promote advanced manufacturing and strategic emerging industries. Continuous optimization of industrial park functions, the cultivation of advanced manufacturing clusters, enhancement of financial support, development of innovation and entrepreneurship service platforms, and increased efforts in the application and conversion of technological advancements will also be prioritized.

Currently, the Guangzhou Development Zone has established three major industrial clusters, each with a value exceeding 10 billion yuan, specializing in high-end equipment, biotechnology, and integrated circuits. Additionally, five industrial clusters, each exceeding 100 billion yuan, are represented by automobiles, new displays, green energy, new materials, and health and beauty products. The zone is also taking a leading role in the low-altitude economy and artificial intelligence sectors, aiming to capture a new trillion-yuan market.

The Guangzhou Development Zone emerged as a result of reform and has flourished through openness. As a key gateway for Guangzhou’s external openness, foreign investment has always been a crucial aspect since the zone’s inception. In 2023, the actual foreign investment utilized by the Guangzhou Development Zone exceeded 3 billion US dollars for the first time, representing 44.4% of the city’s total foreign investment. The zone has maintained its position as the top economic development zone in the country for five consecutive years.

In this revised set of Regulations, “openness” remains a prominent development keyword for the Guangzhou Development Zone. The zone aims not only to attract high-quality investments but also to adhere to a strategy of high-quality outbound engagement. By pursuing both “bringing in” and “going global” strategies with equal emphasis, the zone seeks to expand its new development landscape and fully leverage its role as an open platform.

Source: Management Committee of the Guangzhou Development Zone

CONTACT: Contact person: Ms. Li, Tel: 86-10-63074558.