On the evening of October 23, the Guangxi Zhuang Autonomous Region’s Finance Department announced significant developments aimed at enhancing resource integration and support for key initiatives, including the establishment of a seamless connectivity network and a cross-regional industrial supply chain. These efforts are designed to facilitate the creation of a more efficient domestic and international market.
In a recent interview, a representative from the Guangxi Finance Department elaborated on their strategy to bolster financial support, particularly for the Pinglu Canal project, which aims to connect the regional hub of Beibu Gulf. The department has successfully secured 12.2 billion yuan in subsidies for the project and is dedicated to ensuring that the necessary funding is in place to propel its advancement. To further support this initiative, they’ve initiated a management framework for quality, green, and integrity engineering inspections to ensure the orderly progression of these major projects.
Moreover, the Guangxi Finance Department has coordinated local government bonds and special funds amounting to 25.477 billion yuan to facilitate smooth logistics along the new western land-sea corridor. This includes an allocation of 14.955 billion yuan specifically for highway construction, resulting in over 9,000 kilometers of operational expressways, ranking Guangxi fourth in the nation in terms of expressway mileage and achieving connectivity for every county. An additional 7.488 billion yuan has been earmarked to support various railway projects, enabling high-speed rail connections across all cities in the region, with high-speed rail mileage surpassing 2,200 kilometers.
Building on this foundation, the Finance Department has allocated 3.034 billion yuan to expand air route networks, encompassing important projects like the renovation and expansion of Nanning Airport, as well as the separation of civilian and military air traffic. Concurrently, they are working on improving infrastructure to enhance the integration and efficiency of multimodal transport, aiming to drive down costs and enhance service performance. Notably, the throughput at Beibu Gulf Port has seen remarkable growth, increasing from 3.82 million TEUs in 2019 to 8.02 million TEUs in 2023—a staggering annual growth rate of 20.4%.
As Guangxi accelerates efforts to upgrade port facilities and establish itself as an international gateway at Beibu Gulf, the Finance Department is investing 1.2 billion yuan to support critical projects under the “Three-Year Action Plan for Infrastructure Improvement at Beibu Gulf International Gateway Port (2023-2025).” Key projects include the 200,000-ton channel work at Tieshan Port and the Jin Guo River access road.
Additionally, the Finance Department is coordinating new special bonds to support eligible municipal, industrial park, and cold chain infrastructure projects, thereby enhancing logistics and investment environments. They are also managing a 2.4 billion yuan interest subsidy fund through the “Guihui Loan” program, which aims to lower financing costs for eligible enterprises, particularly those involved in key sectors related to the new western land-sea corridor.
