The southern Chinese province of Guangdong has launched a new campaign to shore up the economic health of local industry, amidst the ongoing turmoil created by renewed COVID-19 lockdowns.
The Guangdong province government recently issued the “Guangdong Province Action Plan to Spur Stable Growth of the Industrial Economy” (广东省促进工业经济平稳增长行动方案), comprised of 32 support policies for the purpose of “spurring the stable growth of market actors.”
These measures include 23 measures under five ancillary action campaigns, encompassing:
- Tax cuts and fee reductions.
- Expediting finance.
- Guaranteeing supply and stabilising prices.
- Using investment to invigorate.
- safeguarding resource factors of production.
A further 9 measures cover three more ancillary action campaigns, including raising the resilience of industrial supply chains, consumption stimulus, and improving the quality and efficiency of enterprises.
In 2021 Guangdong province was the largest industrial hub in China, with industrial added value of over 4.5 trillion yuan.