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Greater Bay Area embraces new round of foreign investment

Xinhua | Updated: 2021-03-26 10:09
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An aerial view of downtown Guangzhou, Guangdong province, on July 18. [Photo provided to China Daily]

P&G example of leading global company ramping up involvement in the region

GUANGZHOU-Fortune 500 consumer goods conglomerate P&G plans to launch an intelligent technology innovation center this year in Guangzhou, capital of Guangdong province, representing its latest investment in the county after setting up a digital innovation center in 2017.

"The digital innovation center was established within just four months in Guangzhou. Since then, the center has invested $100 million in strengthening innovation in big data, artificial intelligence and other areas," said Matthew Price, president of P&G Greater China, in an interview with Xinhua News Agency.

"Our business achievements over the years have fully proved that P&G's choice of long-term investment and development in Guangzhou is a very correct decision," Price said.

P&G is the epitome of global leading global companies ramping up investment in the Guangdong-Hong Kong-Macao Greater Bay Area and beyond in recent years.

As China's 14th Five-Year Plan (2021-25) kicks off, investors from all over the world reckon that China's strong growth prospects, the promise of further opening-up, and improvement of the business environment are attracting them to increase investment in the world's most populous market.

P&G, one of the first Fortune 500 companies to invest in Guangzhou, established its first joint venture and production base in 1988, which was put into production two years later.

Following more than three decades of development, China has become P&G's second-largest market in the world after the US, and is now P&G's largest e-commerce market.

"About 10 percent of our business in the United States is done through e-commerce, while the number in China is 45 percent. The innovation in big data and artificial intelligence will help us better serve consumers in the internet era," he said.

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