The service trade will become one of major overseas investment fields in Guangzhou, capital of south China's Guangdong Province. Mayor Lin Shusen of Guangzhou said China's accession into the World Trade Organization (WTO) will spur Guangzhou's economic development, and Guangzhou will take this chance to push its work of attracting more overseas investments.

According to the mayor, the city will open more areas to overseas investors to further open up the service trade and high-and new technological industries. Overseas investors are encouraged to fund social development projects ranging from education and culture to public health, said the mayor. Lin said that they would step up contacts with more multinationals and major overseas consortia and launch three investment promotion centers in the United States, Hong Kong and Europe to attract major overseas investors to Guangzhou. In the meantime, the city will also review the previous list of approved overseas-financed businesses to boost the volume of paid-in overseas investment.

The mayor also pledged to upgrade the investment environment, including improving the capabilities of serving the overseas-backed enterprises in the city, and fine-tuning work efficiency by shortening the approval procedures for businesses engaged in the processing trade.