Thursday, December 18, 2008

GDD to boost growth of enterprises through more spending

The Guangzhou Development District (GDD), the largest development district in China in terms of GDP, will spend as much as RMB 30 billion to help enterprises in the district cope with the difficulties amid the global financial crisis, sources reported, citing Xue Xiaofeng, director of the GDD administrative commission, as saying.

Xue also expects the government spending would boost another RMB 70-billion investment from the private sector.

RMB 25 billion from the massive investment will be used to improve infrastructure and the investment environment of the city; RMB 2.3 billion are to be used for technological innovation and encourage the development of hi-tech enterprises; another RMB 1 billion is set aside for high-end industries.

Established in 2002 in Guangzhou, capital city of Guangdong Province, the GDD now has 2,600 enterprises with foreign investment and 3,800 domestic enterprises.

In the first three quarters of this year, GDD's total industrial output rose 21.59% to RMB 244.1 billion.

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