Guangdong Trade Co-op with Japan Flourishes

On July 24, a delegation led by Guangzhou mayor, Wan Qingliang, arrived in Tokyo, Japan for a trade cooperation meeting with major Japanese companies.

The meeting was part of the "New Guangzhou, New Business Opportunities" global trade promotion tour. Wan met firstly with Atsushi Niimi, executive vice president of Toyota Motor Corporation. He expressed his gratitude to Toyota for their efforts in fostering cooperation between both sides. Niimi, in response, thanked the government's support of Toyota Motor Corporation. He said Toyota would continue to foster mutually beneficial trade relations with Guangzhou, considering China to be one of their major markets.

The following day, Eleven Guangdong cities signed contracts with Japanese business sectors, involving 127 projects totalling USD 1.9 billion. Guangzhou signed 23 projects, involving USD 580 million, 2/3 of which relate to automobile industries.

During the conference, Wan pointed out Guangzhou's new policy on facilitating foreign investment. The government plans to set up a "green channel" for foreign investors prioritizing land purchasing, improved service in customs clearance and the streamlining of project clearance and approvals. In the next five years, the government will set aside RMB 5 billion to foster the development of "headquarter economy." Newly established enterprise headquarters will be granted a maximum of RMB 50 million each. Headquarters that show excellence in management will be awarded a maximum of RMB 5 million each, and the person in charge will be awarded of RMB 1 million. A further RMB 20 billion will finance "strategic leading industries", and RMB 1 billion will be provided exclusively to develop the careers of Guangzhou's high-level experts.

In recent years, trade cooperation between Guangdong and Japan has flourished. In 2010, the total export value from Guangdong to Japan was USD 21.64 billion, the total import value from Japan was USD 46.59 billion and direct investment from Japan was USD 9.18 billion, 3.6% of the province's total foreign investment.