Guangzhou is strengthening its support for foreign-funded enterprises in the city, with a financing scheme of over 720 billion yuan (about US$110 billion) introduced to bolster foreign firms in the next five years, the Guangzhou Commercial Bureau said yesterday (April 13).

Nine financial institutions have joined the scheme to offer loans, including the China Development Bank, Export-Import Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, Construction Bank of China, Bank of Communications, China Merchants Bank, and Bank of Guangzhou.

The supporting measures cover three categories—establishing a government-bank cooperation mechanism to enhance information sharing; offering precise financing services for companies in terms of supply chain, production expansion and others amid the COVID-19 epidemic; and increasing credit supply as well as giving priorities to key foreign firms while offering customized services.

According to the bureau, Guangzhou still maintains its popularity among foreign-funded enterprises in the context of the global epidemic outbreak. Renowned brands like AstraZeneca, Louis Dreyfus, ZF, Lonza and Danone have made the decision to invest or set up headquarters in the city in 2020.

Official data show that foreign-funded firms have contributed about 37 percent of the total import and export volume of Guangzhou in 2020, strongly fueling the city's economic development and industrial upgrades. So far, some 309 World 500 companies have either set up offices or launched projects in Guangzhou.

Author & editor: Becky