In the first quarter this year, Beijing saw a strong start in the development of the "Two Zones"—the Integrated National Demonstration Zone for Greater Service Sector Openness and the China (Beijing) Pilot Free Trade Zone.
Notable outcomes include those in innovative drugs, foreign investment funds, and many other fields. In January, Huahui Health's self-developed Libevitug injection (Huayounuo) was approved for market launch, becoming the world's first antibody medication for hepatitis D treatment. In March, Beijing's first Qualified Foreign Limited Partner (QFLP) fund, the Beijing Prologis Equity Fund, was officially established at the Financial Street of Xicheng District, with a pilot quota of 2 billion yuan.
Institutional innovations have facilitated the release of reform-derived benefits. The 3.0 version of the reform plan for the facilitation of cross-border/boundary data flows has been introduced, marking a new phase of the plan, marked by full implementation. Policies such as tax credits for foreign investors' profit reinvestment and the "white list" for imported biopharmaceutical R&D items continue to benefit enterprises. Accelerated opening-up in value-added telecommunications and biotechnology has attracted active participation from over 80 companies.
Investment attraction has gained momentum. Beijing's second wholly foreign-owned securities firm, Mizuho Securities (China) Co., Ltd., has settled in Chaoyang District. Cardif Airstar Insurance officially commenced operations as a Sino-foreign joint venture property insurance company, focusing on tailored vehicle insurance products for new energy vehicles. Global pharma giant Eli Lilly announced additional investment in Beijing, and entered into a strategic partnership for production with Pharmaron. Merck China BioPark R&D Center and Harbour Biomed–AstraZeneca Innovation Lab have also been inaugurated. From January to February this year, driven by a host of landmark projects, the city's actually utilized foreign capital grew by 75.8 percent year-on-year.
(Source: Beijing Daily)
