Guangzhou sees surging growth in emerging sector business entities

Guangzhou, the capital of Guangdong province, saw significant growth in newly registered business entities across several emerging sectors from January to October this year, according to local development and reform authorities.

The number of newly registered business entities in the low-altitude economy and aerospace sector grew by 161.7 percent, and that number in the AI sector grew by 109 percent, both year-on-year.

"The growth reflects both a quantitative breakthrough and a qualitative leap in the business entities of the new industries," said Wu Sa, director of the Guangzhou Municipal Development and Reform Commission, during a news conference on Monday. He attributed the growth to tailored business policies for industrial development.

In one example, the city pioneered a four-voucher linkage mechanism nationwide in the AI sector to help reduce the research and operational costs for enterprises.

In the low-altitude economy sector, Guangzhou released the country's first municipal-level construction standards for low-altitude takeoff and landing facilities.

Guangzhou now ranks second nationwide with over 4.25 million active business entities, representing a 58 percent increase since the end of 2020.