Matthew Price, president of Greater China at P&G. [Photo provided to chinadaily.com.cn]

A series of events including a symposium on cooperation between Guangdong province and transnational companies during the 14th Five-Year Plan (2021-25) period and a signing ceremony for strategic cooperation framework agreements were held in Guangzhou on March 2.

A total of 37 cooperation intention agreements with an overall investment of more than 300 billion yuan ($46.37 billion) were signed between Guangdong province and transnational companies during the ceremony.

Ten of these agreements, with a total investment of around 44.1 billion yuan, were related to Guangzhou, covering areas spanning modern agriculture, high technologies and retail business. 

Foreign investment has been an important driver of Guangzhou's economic development for years and the city saw an annual growth rate of 5.6 percent during the 13th Five-Year Plan (2016-20).

Foreign-invested companies have contributed to more than 50 percent of Guangzhou's output value of industrial companies with an annual revenue of more than 20 million yuan ($3.09 million) in 2020, as well as 37 percent of the city's total import and export volume over the year.

The city's actual use of foreign capital in 2020 expanded by 7.5 percent year-on-year to 49.37 billion yuan.

The city has set its sights on building a distribution center for global resources, striving to become the first choice for global companies and talents seeking development opportunities. 

"The mutually beneficial relationship between the Guangzhou government and companies has been attractive for global investors," said Matthew Price, president of Greater China at Procter & Gamble Co.

"From my point of view, Guangzhou's business environment can be ranked among the world's first class," added Price. 

P&G was one of the first Fortune Global 500 companies to invest in Guangzhou. It set up its first Chinese joint venture company in Guangzhou in 1988 and put its first Chinese production base in Huangpu district in 1990.