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A drone developed by Guangzhou-based technology company Ehang is displayed at 2017 World Economic Forum held in Dalian. [Photo/southcn.com]

Guangzhou is striving to develop its IAB industries (next generation of information technology, artificial intelligence and biological medicine), new energy industry and new material industry, working hard to build high-end and high-quality modern industry system and open economic mechanism.

Global companies such as Canada-based IT and networking solutions provider Cisco, US-based research institute Cold Spring Harbor Laboratory, NYSE-listed laboratory equipment provider Thermo Fisher Scientific Inc as well as domestic technology giants Huawei and Tencent have all launched business projects in Guangzhou.

These companies are actively involving themselves in IAB and new strategic emerging industries.

"Guangzhou is becoming the best place for the fourth industrial revolution," said Klaus Schwab, founder and executive chairman of the World Economic Forum.

In July, the construction of $800-billion General Electric bio-campus, planned to become a leading biopharmaceutical and healthcare industrial park, began at Sino-Singapore Guangzhou Knowledge City. The project attracted immuno-oncology drugs producer BeiGene to sign an investment agreement worth 2.2 billion yuan ($330 million) with Guangzhou Development District.

The settlement of these projects helps to highlight Guangzhou"s new strategy of industrial development, which is focusing on the construction of industrial parks integrating production, living and good ecology and promote industrial projects to form a cluster.

Klaus Schwab, founder and executive chairman of the World Economic Forum, delivers a speech at 2017 World Economic Forum in Dalian and notes that Guangzhou is becoming the best place for the fourth industrial revolution. [Photo/southcn.com]

Last month, Guangzhou-based KingMed Diagnostics, a third-party company dedicated to medical testing became listed on the Shanghai Stock Exchange.

Taking full advantage of Guangzhou"s strengthened efforts to develop IAB industries, KingMed Diagnostics plans to lead the way in terms of innovation and industrial cluster and build a world-famous first-tier medical diagnosis innovation center, according to Liang Yaoming, chairman of KingMed Diagnostics.

More and more Guangzhou-based companies are seeking overseas business opportunities and are working hard to go global. During the China (Guangdong)-US Investment Cooperation Seminar held in April, many Guangzhou-based companies signed cooperation agreements with American companies including Guangzhou Automobile Corporation (GAC), which plans to invest millions of dollars to build a research and development center in Silicon Valley.