The People's Government of Guangdong Province has recently approved a plan to establish the China (Guangdong) Pilot Free Trade Zone Interactive Development Zones in 13 prefecture-level cities in the province, including Guangzhou, the provincial capital.

Guangzhou will replicate and promote 58 reform and innovation practices by the China (Guangdong) Pilot Free Trade Zone in its interactive development zone. Its zone will be composed of an artificial intelligence and digital economy area, China-Singapore Guangzhou Knowledge City, Guangzhou Airport Economic Zone, and Nansha Science City, covering a total area of 118.78 square kilometers.

As part of the artificial intelligence and digital economy area, Guangzhou International Financial City in Tianhe district will also be included in the interactive development zone.

The vibrant Tianhe district. [Photo/thnet.gov.cn]

Guangzhou International Financial City is an important platform and new growth driver for the high-quality development of Guangzhou's finance industry. It is strengthening infrastructure construction for the financial sector, focusing on the development of supply chain finance, scientific and technological finance, digital finance, green finance, as well as cross-border assets management and wealth management. It is also creating a comprehensive international financial center.

The Guangdong-Hong Kong-Macao Greater Bay Area (Tianhe) Financial Management Service Center recently settled in Guangzhou International Financial City, as well as headquarters of 14 financial institutions like China Guangfa Bank and People's Insurance Company of China.

It will boost the construction of 116 major projects in the 14th Five-Year Plan period (2021-25), involving a total investment of over 180 billion yuan ($26.85 billion), and is expected to realize a regional GDP of 70 billion yuan by the end of 2025.