Guangdong Province: Companies to face US challenges head on
Updated 09:41, 04-Jun-2019
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02:27
2019 marks the 70th anniversary of the founding of the People's Republic of China. At a briefing on Monday, officials from China's southern Guangdong Province, home to the nation's so-called "Silicon Valley" and part of the country's Greater Bay Area,  shared the secrets of its economic development. And, as CGTN's Cui Hui'ao shows us, despite the trade war with the US, they're determined to maintain their success.
From an underdeveloped agricultural area, to China's leader in economic development, Guangdong's 2018 GDP reached more than 9.7 trillion yuan.
That's nearly 600 times higher than 70 years ago when new China was established.
MA XINGRUI, VICE SECRETARY GUANGDONG PROVINCIAL COMMITTEE OF THE CPC "Daring to explore and daring to be the first, Guangdong's success relies on its systematic advantages and continuous opening up."
Ma says the government is dedicated to creating a better business environment, pressing ahead with reforms on administrative procedures.
By the end of last year, 12 companies made the Fortune Global 500 list, and 53 companies were listed in the Top 500 of China.
CUI HUI'AO BEIJING "However, amid the changing global environment, the ongoing Sino-US trade war has triggered concerns over whether Guangdong, China's major import and export province, can endure these outside challenges."
MA XINGRUI, VICE SECRETARY GUANGDONG PROVINCIAL COMMITTEE OF THE CPC "Guangdong's trade with the US accounts for one-fifth of all Sino-US trade volume. So Guangdong companies will be hit by the trade war for sure. But we are confident in their ability to self-innovate. Companies like Huawei are pioneers in high-tech sectors because they have been growing independently."
Ma says having gone through the 2008 financial crisis, many Guangdong businesses have developed enough resilience to counter the latest challenges posed by the US. And for Guangdong's government, it will further open up and ease market access for foreign businesses.
MA XINGRUI, VICE SECRETARY GUANGDONG PROVINCIAL COMMITTEE OF THE CPC "We just held big promotion events in Paris and Tokyo. In the future, we will provide preferential policies to attract domestic and foreign experts, and devote more to basic science research and core technologies."
In addition, IP protection will remain the government's top priority. As China's most populous and affluent province, Guangdong will continue its innovative approach and do its best to maintain the current momentum.