August 19, 2018 / 4:16 AM / a year ago

China's Guangdong to invest $21.8 bln each year in 2018-2020 into high-end industry

BEIJING, Aug 19 (Reuters) - China’s southeastern province of Guangdong aims to invest more than 450 billion yuan ($65.46 billion) in strategic and emerging industries in the three years through 2020.

Move came in line with Beijing’s effort to upgrade its industries toward higher-value and low-pollution production.

The province plans to keep an annual industrial investment growth rate of around 6 percent over the coming three years and boost strategic industries such as information technology, high-end equipment manufacturing, green and low carbon, bio-medical, new materials and marine economy, according to a statement from Guangdong government on Friday.

The statement explicitly asked local authorities in the Pearl River Delta, a manufacturing base on the edge of the South China Sea, to attract more companies in electronic and automobile industries’ supply chains.

The provincial government also urged local authorities to speed up construction of industrial parks and give more preferential packages, including easier access to land, to attract companies in key industries.

It also plans to launch an off-shore wind power generation base in the southwestern part of the province and hundreds of pilot projects in smart manufacturing.

Local governments in Guangdong will be encouraged to cooperate with financial institutions to get funds, while companies would continue to obtain financing in bond market or from banks with more credit, according to the statement.

$1 = 6.8740 Chinese yuan renminbi Reporting by Muyu Xu and Tom Daly; Editing by Simon Cameron-Moore

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