Xinhua China reported that the Guangzhou Development District will spend CNY 30 billion in the coming three years to help thousands of enterprises cope with the global financial crisis.
Mr Xue Xiaofeng director of the Guangzhou Development District administrative commission said recently that the government spending would trigger another CNY 70 billion investment from the private sector. He said that "We are kind of placing orders of CNY 100 billion for enterprises in the district. We hope to give them timely assistance when the global financial crisis is still worsening."
He added that among the Guangzhou Development District's massive investment, CNY 25 billion will be used to improve infrastructure, CNY 2.3 billion for innovation fostering, CNY 1 billion for high tech development and the rest for human resources, social security and other fields. GDD was established in 2002 in Guangzhou, capital of the southern economic powerhouse Guangdong Province and has now 2,600 enterprises with foreign investment and 3,800 domestic enterprises.
Last year the district's GDP grew by 20.18% to CNY 94.8 billion, becoming the country's largest economic development district in terms of GDP for the fourth straight year.
Mr Xue said that as a result of the global financial crisis some enterprises in the GDD have fewer orders from overseas and those engaged in metal metallurgy, one of the district's six leading industries made cutbacks. However none of the enterprises in the districted has gone bankrupt because of the international crisis.