Unique Comparative Advantages
Guangzhou enjoys unique comparative advantages for its development. First, it has been a forerunner in China’s reform and openning up initiated over four decades ago, and has rapidly establish itself as a modern international metropolis with a high degree of marketization. Second, Guangzhou is positioned as a national central city with a sound manufacturing and service industry. It has strong ability to gather resources and has formed close economic and trade ties with more than 220 countries and regions in the world. Third, Guangzhou functions as a core engine of the GBA which is on a par with the bay areas in New York, San Francisco and Tokyo. With Guangzhou, Hong Kong and Macao as its core engines, the GBA has the world's largest harbor and airport group and an economic volume of 10 trillion yuan. Fourth, Guangzhou is a major transportation hub in China. The city has completed the key infrastructures such as Baiyun International Airport, Guangzhou Port, Guangzhou South Railway Station, subway network and supercomputing center. It is the core node city of telecom in China and one of the country’s three major international Internet oubound hubs, playing a significant role as a comprehensive portal city. Fifth, Guangzhou enjoys the advantage of being as a "Modern Commerce Capital". As a key hub city of the Belt and Road Initiative, it has brand trade fairs such as Canton Fair, well-established commercial network, and profound commercial tradition. Sixth, Guangzhou gets an edge in S&T and academic human resources. The city is home to most colleges, universities, R&D institutions and state key laboratories in Guangdong province. Seventh, Guangzhou has a favorable business environment. The city has secured the approvals for the reform pilots such as the Pearl River Delta National Independent Innovation Demonstration Zone and National Service and Trade Innovative Development Pilot. Morveover, it has launched three national-level reform pilots, namely, simplifying business registration formalities, reforming the examination and approval system for construction projects, and optimizing the tax payment and business environment.