Guangdong Province plans to invest 900 billion yuan (US$141.3 billion) in key projects next year, an increase of 100 billion yuan over this year, an official from the Guangdong Provincial Development and Reform Commission said Thursday.

At a news conference held by the Guangdong Provincial Committee of the CPC, Zheng Renhao, head of the commission, said that so far this year, the province has started more than 4,500 major projects that require a total investment of 4.5 trillion yuan over several years, laying a solid foundation for its key projects in 2022.

To stimulate consumption, Guangdong will continue to implement a slew of measures and incentives to spur private spending, which include subsidies for auto replacement, household appliance promotions in villages, and cultural and tourism consumption promotion.

By taking the opportunity in building Guangzhou, the provincial capital, as an international consumption center, Guangdong will construct more regional consumption centers, expedite construction of State-level logistics hubs and key cold chain bases, and cultivate more new consumption growth points, Zheng said.

The province will also further support cross-border e-commerce and expand imports and exports in the field.

He said with the official implementation of the Regional Comprehensive Economic Partnership, or RCEP, Guangdong will expand new markets, cultivate new business modes, and increase the international influence of the Canton Fair in Guangzhou and China Hi-Tech Fair in Shenzhen.

According to a document issued by the provincial government earlier this month, the province will cultivate leading enterprises in cross-border e-commerce and strive to have 20 cross-border e-commerce companies with an annual transaction volume of over 5 billion yuan and 10 others over 10 billion yuan.

Guangdong will also promote the construction of cross-border e-commerce industrial parks and aims to double its import and export volume by 2025, it said.

According to the document, a total of 100 cross-border e-commerce sellers with an annual turnover of over 100 million yuan each as well as 100 cross-border e-commerce brands with annual sales of over 100 million yuan each will be expected in the province by 2025.

By 2025, Guangdong plans to build 500 overseas warehouses with a total area of more than 4 million square meters, with a professional and intelligent overseas warehouse network that would gradually take shape.

As China’s major foreign trade hub, Guangdong’s foreign trade volume hit 7.5 trillion yuan in the first 11 months of this year, an increase of 17.4 percent year on year, as per the province’s customs authorities.