In 2014, New South Wales and Guangdong province celebrated the 35th anniversary of their Sister State relationship, the first of its kind to be established between an Australian state and Chinese province.
To celebrate, the Governor of Guangdong, His Excellency Mr Zhu Xiaodan, visited NSW and signed a Joint Statement with Premier Michael Baird to further their cooperation in the development of key industries such as agribusiness, smart technology and research and development.
A first-tier cosmopolitan city
With double digit GDP growth over the last two decades, Guangzhou now ranks third behind Beijing and Shanghai. Located just north of Hong Kong in the Pearl River Delta “PRD” region, Guangdong is now one of the 15th largest economies in the world.
Originally a manufacturing hub, Guangzhou has reinvented itself to be China’s engine of innovation and new technologies, moving away from products ‘Made in Guangzhou’ to ‘Created in Guangzhou’.
Free Trade Zone
The special provisions governing the FTZ, aim to make it an attractive location for international financial institutions. The FTZ provides significant opportunities for Australian companies to export their strong financial services capabilities to Guangzhou.
Increasing personal wealth
In 2013, Guangzhou reportedly had approximately 45,900 individuals with assets over RMB10 million and per capita household consumption 183% of the national average.
In just 15 years Guangzhou has emerged as a glittering cosmopolitan city, housing sky scrapers rivaling those of Shanghai and streets lined with luxury global brands and restaurants.
Growing affluence in the region has fueled demand for better education services and families and students are looking overseas to Australian education providers. Students from Guangzhou represent a significant portion of the international students population in Australia.
Parents of Chinese students spend money in Australia on apartments, tourism and have started investing in Australian businesses.
Opportunities for Sydney
As Australia’s financial hub, Sydney is well placed to attract high levels of investment and services from one of China’s wealthiest cities, Guangzhou.