Facade of the Guangzhou Technological Innovations Center in Guangzhou, China. [www.entrepark.com]

The GDP of Guangzhou this year will amount to over RMB 700 billion (US$ 94.6 billion) and rank the 3rd to Beijing and Shanghai in all the cities in China, said Vice Mayor of Guangzhou Xu Zhibiao during the Mayors Forum of the 10th Guangzhou Convention of Overseas Chinese Scholars in Science and Technology on December 26 in the city.

The municipal government will be gearing to develop the city as suitable for both business investment and living. 


Annual budget of US5 million to encourage innovation

Guangzhou Municipal Government will budget one billion yuan (US5 million) each year from 2008 to encourage and invest the industries of innovation, Xu said.

The government's efforts will be focused on four sectors of biology, electronic information technologies, service and equipment manufacturing.