Guiyang industrial development reports strong growth

The city Guiyang -- capital of Southwest China's Guizhou province -- has achieved strong growth in the current year, after it paid close attention to the industrial economy to realize rapid development, officials told a news conference on Nov 13.

From January to September this year, the growth rate of the city's industrial added value above a designated size was 4.9 percent -- 3.7 and 2.2 percentage points higher, respectively, than the national and provincial levels.

During the 13th Five-Year Plan period (2016-20), Guiyang has consistently followed stimulation of high-quality development as a central strategy to lead the city's economic and social development. The focus has been on six new industries such as advanced equipment manufacturing, mid-to-high-end consumer goods manufacturing and backbone key industrial supply chains such as automobiles.

From 2016 to 2019, the average growth rate of the city's industries above a designated size was 8.3 percent, while accumulated industrial investment -- excluding park infrastructure investment -- reached 185.9 billion yuan ($28.26 billion).

Guiyang has introduced 897 advanced manufacturing projects in key areas such as finished vehicles and their parts, electronic information, energy storage equipment and health medicine, with a total investment of 223.6 billion yuan.

From January to October 2020, the city signed 245 advanced manufacturing projects with a total agreed investment of 38.7 billion yuan.

The city has also innovated its financial support methods, establishing a Guiyang guidance fund for industrial and information industry development, a policy credit loan risk compensation fund and a lending emergency fund for small, medium and micro-sized enterprises.

At the start of the year due to the outbreak of the COVID-19 epidemic, the overall industrial and economic situation was very challenging.

Guiyang had made efforts to help with corporate employment, market developments, raw material procurements, logistics and transportation, to support companies and businesses returning to work and production.

The city's industrial enterprises above a designated size -- those with annual revenue of 20 million yuan or more -- all resumed work and production as of Feb 24.

As of September this year, the city had reduced taxes of about 360 million yuan, postponed payments and exemptions of social insurance charges of about 3.67 billion yuan and distributed financial incentives and subsidies of about 320 million yuan.