Bustling downtown Guangzhou. The southern city has released innovative policies to spur high-quality growth in the local economy. (Photo by Yang Yi/For China Daily)
A Cosma automotive system project funded by Magna, a world-renowned auto parts supplier, went from contracting to operating in the district in just half a year.
As a result of the faster administrative procedures, "every two or three days, a new project launches in Guangzhou Development District," said Hong Qian, director of the district's investment promotion bureau.
"By creating a business and innovation-friendly climate, Guangzhou is attracting advanced economic elements," said Ni Pengfei, director of the City Competitiveness Research Center at the Chinese Academy of Social Sciences. "Guangzhou's influence and international popularity are increasing tremendously."
In September, Tianhe district initiated special policies to support the first venture capital building nationwide－the Tianhe Venture Capital Building.
The policies mainly cover rent, a public service platform and government affairs.
Companies that rent less than 600 square meters in the Tianhe Venture Capital Building are exempt from paying rent for the first year and only have to pay half the rent for the second and third year. It means that each company can save around 1 million yuan a year.
The building plans to attract hundreds of venture capital institutions, with total managed funds of 200 billion yuan by 2020.
To date, Tianhe district has more than 200 licensed financial institutions, accounting for almost 70 percent of Guangzhou's total financial service providers.
