Beijing’s Two Zones Boost Opening Up, Heralding a Better Future(Yicai Global) Oct. 26 -- Beijing has been strengthening its opening up process by working on the creation of a new national-level zone for the services sector and a pilot free-trade zone, having completed most of the tasks involved in their setup over the past year.
The so-called Two Zones are the Integrated National Demonstration Zone for Opening Up the Services Sector and China (Beijing) Pilot Free Trade Zone, which both feature technological innovation, opening up of the services sector and the digital economy. Beijing is the only metropolis in China to have the policy advantages of the Two Zones.
The city has implemented 212 of the 251 tasks listed in the plan to establish the Two Zones, meaning 84.5% of the work is now complete.
With the support of government policies, Beijing has carried out reforms in foreign investment access, trade facilitation, cross-border finance, talent introduction, data security and leading demonstrations. These measures have greatly helped the city to attract international enterprises and talent, and have provided financial and policy support for innovations in the fields of science and technology.
A total of 1,227 foreign-invested firms were established in Beijing in the first eight months of this year, and the amount of foreign investment reached $11.4 billion. A number of foreign-funded firms, including Seragon Pharmaceuticals, Ataway Consulting and Schneider Electric, have set up their regional headquarters or research and development bases in the pilot FTZ.
Also in the zone, the financial institutions Ueda Yagi and Allianz Insurance Asset Management became China’s first wholly foreign-owned currency broker and asset manager, respectively.
Looking ahead to the next five years, Beijing will continue to introduce more innovative policies and service measures with the goal of establishing an internationalized, highly efficient and well-served world-class center for the high-end service industry.
Beijing will also give full play to the advantages of the digital economy by creating a digital trade demonstration zone. It will vigorously develop key industries such as biomedicine and green finance, and attract relevant high-end talent to move there.
In the future, Beijing will be more open, and the Two Zones will make the city a center for reform and innovation. Beijing welcomes international high-end service providers to invest and expand their business there. If you want to know more about Beijing’s Two Zones or invest in Beijing, please visit:
