Guangxi accelerates support for local companies exploring overseas markets

SAIC-GM-Wuling's automobile plant in Indonesia. [Photo/China News Service]

Guangxi Zhuang autonomous region has released a host of measures to support companies expanding overseas markets and contribute to the stable operations of local companies' overseas projects, said Yang Chunting, head of the Commerce Department of Guangxi Zhuang Autonomous Region, on Aug 29.

Yang added that domestic products, services, technologies, brands and standards can be further promoted overseas by local companies investing in or contracting with projects overseas by making contributions to the establishment of the new development paradigm of dual circulation in which domestic and overseas markets reinforce each other with the domestic market as a mainstay.

Guangxi has both filed and approved around 300 companies investing in overseas markets since the 13th Five-Year Plan period (2016-20) with a total agreed investment of nearly $10 billion. More than 200 new contracts for foreign projects were signed since 2016 with an overall contract volume of over $4 billion, covering various sectors spanning transportation, the service industry, mining and manufacturing. 

SAIC-GM-Wuling's automobile plant in Indonesia, which covers a total area of 600,000 square meters, is being built at a cost of $700 million. Construction of the plant has been pushing forward and the plant is set to have the capacity to produce 120,000 finished automobiles a year upon completion, which will not only meet the demands of the Indonesian market, but also meet the demands of ASEAN countries.

Yang added that subsidies will be available for companies investing in or contracting with overseas projects.