The construction of the Integrated National Demonstration Zone for Opening up the Services Sector and the China (Beijing) Pilot Free Trade Zone (the "Two Zones" for short) is a major policy of the Chinese Central Government in supporting the opening-up and development of Beijing, fundamental to the capital city in building a new development framework. In order to promote Beijing's "Two Zones" construction, strengthen policy interpretation, and encourage the participation of enterprises from Hong Kong SAR, the Hong Kong-targeted online promotion meeting was held to promote the development of the "Two Zones"on March 30, 2021. The event was held jointly by the Beijing Investment Promotion Service Center, the Hong Kong Chamber of Commerce in China, and the Hong Kong Trade Development Council.
The meeting invited officials from the municipal office for the"Two Zones", Xicheng District, Fengtai District, Tongzhou District, and other departments of Beijing to interpret relevant policies and introduce the favorable business environment. Representatives from more than 60 key enterprises and trade associations participated in the online meeting, including the Bank of East Asia (BEA), the Hong Kong and Shanghai Banking Corporation Limited (HSBC), Standard Chartered Bank (SCB), Hang Seng Bank (HSB), United Bank of Switzerland (UBS), Hong Kong Exchanges and Clearing Limited (HKEX), China Taiping Insurance Group (HK) Company Limited, Sun Hung Kai Properties, the Hong Kong Chinese Enterprises Association, and the Hong Kong China Chamber of Commerce.
At the meeting, officials from the municipal office for the "Two Zones" briefed on the background, main contents, and new opportunities for the opening-up and development of the "Two Zones" in Beijing, and interpreted the relevant policies. Officials from the districts of Xicheng, Fengtai, and Tongzhou promoted key areas such as the Beijing Fintech and Professional Service Innovation Demonstration Zone, the Lize Financial Business District, the Beijing Municipal Administrative Center, and the Canal Business District, as well as relevant policies regarding opening-up and innovation. Participating enterprises raised questions online about their concerns with these policies, and were responded one after another by the officials.
Representatives to the meeting said that they were impressed by the wide range, large number and concrete contents of the policies regarding the construction of the "Two Zones". Indicating new directions investment in Beijing, the event helped enterprises fully understand the development opportunities that were available and enhanced their confidence in investing in Beijing. Over ten enterprises, including Hong Kong Land, Sino Group, and Asian Tigers China, also explicitly expressed their intention to continue their investment and development in Beijing, and next would further strengthen specific talks and communication.
As Beijing moves further with the construction of the "Two Zones", the city has seen prominent advantages of being a first-mover and gradually benefits of the policies. In accordance with the planning of the CPC Beijing Municipal Committee and the Municipal Government, in order to promote Beijing's "Two Zones" construction policy more professionally, precisely, and effectively, the Beijing Investment Promotion Service Center has launched targeted promotion campaigns for key overseas investment sources, including Hong Kong, and has planned five overseas online promotion activities with innovative promotion means and methods. These activities move offline "face to face" communication online, arouse the enthusiasm of overseas enterprises to participate in the construction of the "Two Zones", and expand its global influence. Hong Kong is the largest source of foreign investment for Beijing. From January to February this year, Hong Kong actually invested USD 2.22 billion in Beijing, up 37.9% year-on-year and accounting for 82.2% of the city's total foreign investment. As part of the overseas online promotion, this event built an information and communication platform for Hong Kong enterprises and provided additional opportunities for their innovation and development in Beijing.
Beijing is uniquely positioned as a city to build both the Integrated National Demonstration Zone for Opening up the Services Sector and the China (Beijing) Pilot Free Trade Zone. It will attract a number of exemplary enterprises involved in the professional services field to take part in the “Two Zones” construction, build an array of signature areas and platform projects with global influence, and create 2-3 professional service clusters with distinctive industrial features, high-end elements, obvious brand effects, and complete supporting functions. In order to develop the financial sector in the "Two Zones" construction, Beijing is accelerating the implementation of 102 policies which touch upon seven major issues:
- widening market access further
- further opening up of capital accounts
- support for foreign financial institutions in obtaining more business qualifications
- emphasizing the role of the financial sector in serving the real economy
- reinforcing the dominant position of financial technology
- enhancing Beijing’s functioning as a national financial management center
- improving Beijing’s world-class business environment
Since the establishment of the "Two Zones", all districts of Beijing have accelerated the implementation of tasks and carried out pilot projects. Xicheng District is a core district of the capital where the national fintech demonstration zone is located. The construction of a national fintech demonstration zone is one of the major projects involved in Beijing's "Two Zones" construction. Nearly 150,000 square meters of buildings, such as the QI-ANXIN Building and New Actuation Fintech Center, have been renovated. As many as 120 fintech institutions, such as Chengfang Fintech and Cloud Fee Payment, have settled in these buildings. To foster the development of fintech, Xicheng District has successively issued policies to support the development of fintech, financial services, and financial openness. It also promotes the development of professional services and the renovation of buildings with poor performance.
Fengtai District will focus on emerging finance and digital finance, develop the fintech industry from a high starting point, and build a digital finance demonstration area. Lize Financial Business District, as the main area for the development of the financial industry in Fengtai District, has gathered 400 financial enterprises such as China Agricultural Reinsurance and China Galaxy Securities.
Tongzhou District will focus on wealth management, green finance, fintech, urban technology, cultural design, professional services, and other fields based on the functional positioning and industrial planning of the Beijing Municipal Administrative Center. It will precisely plan for the Canal Business District with the industrial positioning of "finance + headquarters", and Zhangjiawan Design Town in the leading direction of "design + urban technology industry". The Canal Business District is an important carrier for the International Business Services Area of China (Beijing) Pilot Free Trade Zone, and the main site to perform business service functions of the Beijing Municipal Administrative Center. It has gathered more than 230 financial enterprises such as banks, insurance companies, securities companies, funds, and factoring companies.
(Note: Content source is from Beijing Investment Promotion Service Center)