The Three-year Action Plan (2021-2023) for the Tongzhou Cluster of the International Business Services Area of the China (Beijing) Pilot Free Trade Zone was recently released. According to the plan, Tongzhou Distrcit, through three years' exploration and practice, as well as 106 specific action items, intends to initially build itself into an industrial cluster and a world-class business area with top-rate business environment and international high-standard investment regulations and systems.
The Tongzhou Cluster of the International Business Services Area of the China (Beijing) Free Trade Zone includes the 10.87 square kilometers of available industrial space around the Canal Business District inside the Beijing Municipal Administrative Center and around Zhangjiawan Design Town. The Action Plan specifies the tasks and objectives of the Tongzhou Cluster over the next three years. It also determines the schedule and task graph and covers such contents as the general requirements and ideas, regional scope, functional division, development objectives, key tasks and initiatives, and supporting measures. It includes 81 work tasks and 25 supporting tasks comprising 37 aspects in eight categories, totaling 106 action items.
In the next three years, the Tongzhou Cluster will promote financial supply-side reform with a higher level of openness to the outside world. It will continue to attract and gather top-rate international resources and create an open, shared, cooperative, and mutually beneficial governance system that will drive forward the high-quality development of the Beijing Municipal Administrative Center. The Tongzhou Cluster is committed to becoming a "testing ground" for opening up and contributing Tongzhou's experience in the fields of financial innovation, urban governance, and green development.
In the next three years, the Tongzhou Cluster will implement eight major initiatives, consisting of:
- building a global wealth management center
- studying and exploring advanced green development models
- promoting innovative practices in finance
- building a world-class design town
- fostering innovative practices in the design town
- creating a high-end service cluster
- constructing an innovative integrated security system
- setting a good example for the coordinated development of the Beijing-Tianjin-Hebei region.
By facilitating the clustering of high-end resources, innovative elements, and market players from home and abroad, the Tongzhou Cluster will strive to contribute innovative solutions in regards to regulations, governance systems, and market integration.
To enhance the comprehensive economic strength of the region, the Tongzhou Cluster plans to attract the settlement of no less than 300 financial enterprises and other professional service institutions within three years, including no less than 30 well-known Chinese financial enterprises, no less than 10 top international investment and wealth management institutions, no less than 30 regional headquarters of multinational companies, and no less than 50 internationally renowned design agencies, law firms, and accounting firms. At the same time, economic contributions will continue to improve. In 2023, the total tax revenue of the Tongzhou Cluster will reach CNY 10 billion. The foreign investment in actual use in the Tongzhou Cluster will steadily increase, with an average annual growth rate of 10 percent.
In terms of improving the environment for regional development, the Tongzhou Cluster will attract a number of top-tier educational and medical institutions, promote the implementation of an array of pilot projects, policies, and system innovations, and create three to five practical experience results that can be replicated and promoted. In doing so, the Cluster will ultimately be built into a high-level demonstration area for business environment as well as a pioneering area for institutional innovation.
(Note: Content source is from Beijing Daily.)