Guangdong injects hefty fund for ambitious industrial program

GUANGZHOU: A 400 million yuan fund is being amassed in Foshan, one of the key economic centers along the Pearl River Delta. The money will be used as part of an ambitious industrial transfer program called "double transfer" in the Guangdong province, aimed at revitalizing the cities of Qingyuan and Yunfu over the next three years.

The move follows a 2008 investment of some 100 million yuan in the establishment of a number of industrial parks, a key part of the transfer program.

The "double-transfer initiative" refers to the transfer of labor-intensive industries from the Pearl River Delta region to the less developed regions of the province and the subsequent transfer of rural labor to the local secondary and tertiary industries from the primary industry or to the Pearl River Delta region.