Guangzhou Unveils Bold Plan to boost Service and Digital Trade
Guangzhou is embarking on an enterprising journey to elevate its service and digital trade sectors with a comprehensive package of 22 measures. This initiative aims to empower local enterprises by optimizing their structures, enhancing efficiency, and fortifying their overall capabilities. The city is backing this commitment with ample financial support, offering up to 1 million yuan to qualifying businesses.
Institutional Openness: A Cornerstone of Growth
A central theme of these measures is the expansion of institutional openness, with a strong emphasis on aligning with international economic and trade norms. Guangzhou, a pivotal engine within the Guangdong-hong Kong-Macao Greater Bay Area (GBA), is proactively harmonizing its regulations with those of Hong Kong and macao to foster a more open and integrated surroundings. This includes:
- Deepening the opening of the service sector.
- promoting the seamless connection of rules and mechanisms with Hong Kong and macao.
- Improving the standardization of service trade practices.
Did you know? Guangzhou’s strategic location in the GBA makes it a crucial hub for international trade and collaboration.
Standardization is a key focus, with the city encouraging the adoption of international benchmarks and the advancement of regional and international standards in areas such as cross-border elderly care and internet arbitration.
Elevating the Value of service Trade
Guangzhou recognizes the transformative potential of digital trade as a catalyst for its digital economy and global trade engagement. The new measures underscore the importance of enhancing the quality, environmental sustainability, and innovative capacity of service trade. Key initiatives include:
- Supporting the growth of emerging service trades like finance, exhibitions, and human resources.
- strengthening national and provincial service export bases in digital technology, culture, conventional Chinese medicine, and intellectual property.
Pro Tip: Businesses should explore how digital technologies like AI and blockchain can enhance their service offerings and create new market opportunities.
The city is actively promoting the integration of digital technologies, such as the internet, the Internet of Things (IoT), big data, artificial intelligence (AI), and blockchain, into service trade operations. This aims to cultivate new competitive advantages in the digital trade landscape.
Empowering Enterprises for Global Expansion
Guangzhou is committed to providing comprehensive support to enterprises seeking to expand their footprint in international markets. This includes:
- Financial assistance.
- Tax services.
- Export credit insurance.
- Statistical monitoring.
A substantial fund of 300 million yuan has been earmarked to support competitive, high-growth, and innovative service and digital trade enterprises.Through rigorous evaluations, businesses can receive annual support of up to 1 million yuan.
Looking ahead, Guangzhou aims to foster continuous innovation within its service and digital trade sectors. The ultimate goal is to establish itself as a national demonstration zone for service trade innovation and a benchmark for the China Service
national brand.
