The gross domestic product of the Tianhe central business district (CBD) is projected to hit 480 billion yuan ($68.29 billion) by 2025, with an annual average growth rate of around 6.2 percent.

That ambitious goal was put forward in the Tianhe CBD development plan during the 14th Five-Year Plan period (2021-25), which was recently published by the Tianhe district government.

It envisages that by 2025 the district will be home to 4,000 enterprises above a designated size - those with main annual revenue of 20 million yuan or more - as well as 100 office buildings with a tax revenue of over 100 million yuan, 245 licensed financial institutions and 20,000 technology businesses. The retail sales of consumer goods are predicted to reach 130 billion yuan.

High-rise buildings dominate the skyline in Tianhe. [Photo/thnet.gov.cn]

By 2035, the Tianhe CBD is expected to be a national model of high-quality development in terms of urban functions, the strength of its urban culture, the modern services industry and its international business ecosystem. Moreover, it is seen as being an exporter of global technologies, products, standards and brands - and by that year will have realized the modernization of its governance system and capacity.

In addition, the space and industries in the Guangzhou International Financial City in the CBD will be organized to a high standard, the plan outlined.

Construction of the Metro Line 11, the second-phase Metro Line 13, the Guangzhou-Foshan Intercity Rail and the transportation hub project in the financial city will be advanced, along with that of the east extension lines of Huacheng and Linjiang avenues and the Pearl River-crossing tunnel.

Covering 8 square kilometers, the financial city will be divided into four sectors that complement each other. The starting area will be built into a gathering area for digital finance headquarters, while the eastern area will attract technology innovation headquarters, the northern area will be centered on cultural and creative development and the western area will focus on industrial integrated development.

The Twin Towers, the two tallest skyscrapers in Guangzhou, are located in Zhujiang New Town in the Tianhe CBD. [Photo/WeChat account: gztzth]

Under the plan, the Tianhe CBD will promote the development of its high-end service industries including finance, the commercial services industry and the modern business trade industry, to make them more competitive.

A pilot zone for cooperation in professional services between Guangdong, Hong Kong and Macao is expected to be built in the Tianhe CBD, in a bid to expand their mutual recognition of professional service qualifications.

It will support law firms in hiring foreign lawyers as international legal advisers and seek the State's support to explore pilot programs for the joint operation of Chinese and foreign law firms.

Demonstration blocks for departure tax refunds will be built on Tianhe Road and within Zhujiang New Town business circles. Meanwhile, businesses in the Tianhe CBD are being encouraged to extend their opening hours on holidays to develop an area for the nighttime economy.