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As of the end of 2018, outstanding loans from the ICBC to the manufacturing industry amounted to 1.38 trillion yuan (about 6 billion), among which over 500 billion yuan went to the advanced manufacturing sector.

As living standards improve around the world, more people choose to live in cities, service and labor-intensive industries have started to struggle to find sufficient numbers of workers, and have seen rising employee turnover rates, said Zhang Bin, chief expert of world economic forecasting and policy simulation at the Chinese Academy of Social Sciences.

As many Chinese people move into urban areas and become middle-income earners, they not only have greater discretionary income but also an interest in upgrading their spending to premium products. Within the agri-food sector, continued urbanization of the population and the demand for "greener", more sustainable products as well as nutritive functional foods will drive growth. The consumer wants to receive the best value for money, which we see being defined as the best quality even if it costs a little more. This trend needs to be supported by continued building of trust and transparency, and the businesses that can succeed in that will be the most successful for the future.

As of last month, Huaye had produced goods worth almost 1.5 billion yuan this year, recording about 1.1 billion yuan in sales, according to data from the company.

As of Friday, 30,768 foreigners live in Guangzhou, mostly from the Republic of Korea, Japan, the United States, Canada and Russia. Almost 15 percent of foreigners in the city are from African countries.