Guiyang, Guian's business entities to reach 1.2m by 2025

Guiyang city and Guian New Area, both located in Southwest China's Guizhou province, recently released a plan to cultivate and develop their business entities – market players ranging from sole traders to partnerships and major companies.

Under the plan, the business entities in Guiyang and Guian will reach 1.2 million by 2025, accounting for more than 20 percent of the province's total.

By 2025, Guiyang and Guian are projected to attract a combined 2,400 high-quality companies, 10 with annual revenue of more than 10 billion yuan ($1.5 billion) each and 50 companies listed on the stock market.

The two aim to help develop major companies involved in advanced equipment manufacturing, new energy vehicles, electronics information manufacturing, aluminum and aluminum processing, the phosphorus chemicals industry, food, medicine, services and agriculture.

They will cultivate companies above a designated size – those with annual turnover of 20 million yuan – as well as small and medium-sized companies, micro companies, private companies, high-tech companies and export-oriented companies.

They will do so by providing financial support, launching preferential policies and reducing operational costs.

Plans are for Guiyang and Guian to also focus on featured industries in the Guangdong-Hong Kong-Macao Greater Bay Area, the Beijing-Tianjin-Hebei Region, the Yangtze River Delta Area and the Chengdu-Chongqing area.

They will push to attract central-government-owned companies to invest in local projects, regional headquarters and R&D centers.