China's Greater Bay Area emerges as promising growth engine

An investment promotion event for the Guangdong-Hong Kong-Macau Greater Bay Area (GBA) held on November 8 in Guangzhou, south China's Guangdong Province, witnessed the signing of 859 investment and trade deals totaling about 2.24 trillion yuan (US$312 billion).

Combined with investments secured during the inaugural event last year, the region has now garnered a total investment of nearly 5 trillion yuan across these two conferences.

This record-breaking number reflects the strong confidence of global companies in the Greater Bay Area, solidifying its position as a promising global growth engine.

"The area's distinctive geographical advantages, favorable business environment, and government openness instill confidence in our future development," said Frances Yu, President of Amway China.

The company has invested 600 million yuan in the 10th upgrading of its production base in Guangzhou.

Statistical data shows that over the past five years, Guangdong has secured more than 250 large projects with actual capital exceeding 100 million US dollars, and actual foreign investment there surpassed 80 billion US dollars.

The province has so far established over 310,000 foreign-funded projects, and achieved actual foreign investment utilization reaching 570 billion US dollars, while 350 of the Fortune Global 500 companies have invested in the province.

Guangdong's appeal to foreign investors has not only grown quantitatively but also made significant strides in terms of quality, signaling a pivotal shift in the region's investment landscape.

From January to August this year, the actual use of foreign investment in Guangdong's manufacturing industry reached 36.82 billion yuan, a year-on-year increase of 19 percent, and the proportion exceeded 30 percent for the first time since 2019.

"American cleantech companies are eager to find business opportunities in the Greater Bay Area, so they can settle down and make their entry into the Chinese market," said An Feng, president of the US-China Clean Tech Center, who participated in a sideline event ahead of the promotion conference.

Jacob Aarup-Andersen, CEO of Carlsberg Group, said that "over the years, Carlsberg's cumulative investment in China has exceeded 10 billion yuan, and we will keep on investing in the Greater Bay Area because it's such a crucial growth market for us."

The construction of a new Carlsberg brewery in Foshan, central Guangdong, with a total investment of 3 billion yuan, is expected to be completed in the second quarter of 2024. This facility will have an annual output value of 2 billion yuan.

Carlsberg will also establish its first R&D center outside Europe at its Foshan brewery. This center will play a key role in new product development, packaging design, and testing tailored for Asian markets.

Siemens has evolved into an essential player in this dynamic region, said Karim Amin, member of the Executive Board of Siemens Energy AG.

He added that the company's commitment to leveraging the entire innovation, industrial, supply, financial, and talent chains in the Greater Bay Area actively contributes to the development of a modern energy industry system.

China's steadfast commitment to increased global openness, coupled with proactive policies supporting innovation, has opened new avenues for enterprises to invest in the promising Greater Bay Area.

"We're considering setting up a subsidiary in China, eyeing the Greater Bay Area with its vast market for environmental products and favorable tax policies," said Liu Xin, director of Asia Business Development at Cormetech.

"In the future, it is not only about promoting the company's advanced technology to China but also about considering introducing innovative technologies from China to the United States," Liu added.