Yunyan district — in Guiyang, capital city of Southwest China's Guizhou province — is aiming to stimulate its economy with a further upgrade of industry and commerce there, according to Li Fajun, deputy head of Yunyan.
He was speaking during online interviews conducted as a key part of the 2020 Guiyang Import and Export Online Fair on June 26.
Li said that as the core area of Guiyang, Yunyan plays a pivotal role as a provincial political, economic and cultural center and a hub for technology and transportation.
The top official said it took the lead in 2013 in the broader moves to create a well-off society in the city.
Over the past five years, more than 1,000 projects have been introduced to Yunyan, with total investment exceeding 100 billion yuan ($14.24 billion).
Meanwhile, 19 Fortune 500 companies have started businesses within the district and total imports and exports were worth $1.06 billion.
In 2019, the total GDP of Yunyan reached 80.90 billion yuan and its main economic indicators led the province and Guiyang city.
Currently, Yunyan is home to 82,000 individual businesses and the regional headquarters of 568 companies.
In order to further improve its business environment and attract investment, Yunyan has shortened the time it takes to get approval of engineering construction projects to less than 60 working days — and the time to register businesses is now down to one working day.
Moving forwards, Yunyan is conducting an investment promotion plan for the 2019-2025 period. It plans to introduce more than two Chinese and international top 500 companies every year and attract more than three mid-to-high-end manufacturing projects within three years.