In recent years, Beijing has been leveraging its strategic role as the capital of China, steadily promoting the expansion of institutional opening-up, focusing on creating a market-oriented, rule-of-law-based, internationalized top-tier business environment, and making remarkable achievements in continuously promoting high-quality economic and social development. In 2022, the economic aggregate of Beijing reached CNY 4.1 trillion, with a per capita GDP of approximately CNY 190,000, indicating that Beijing has reached a middle-income level of developed economies. At the same time, Beijing's service industry is highly developed, contributing 83.8 percent of its GDP, surpassing China's national proportion by 31 percentage points. New business formats, new models, and new services are rapidly evolving, with the digital economy accounting for 41.6 percent. Beijing demonstrates a highly developed economy, a vast market capacity, and an open and inclusive market environment, making it an appealing choice and an ideal investment destination for enterprises. We believe that Beijing is a fertile ground for business investment, and here are several advantages:

First, there are abundant resources and a vibrant atmosphere for technological innovation. Beijing is home to more than 90 universities and over 1,000 research institutes, as well as a huge talent pool as the city houses more than half of China's top scientific and technological talented minds. The city also houses nearly 28,000 national high-tech enterprises, ranking third globally among cities with 102 unicorn companies. Approximately 270 innovative enterprises are newly established every day. Beijing exhibits a significant commitment to research and development, with R&D investment intensity exceeding 6 percent. In both the quantity of enterprises founded and the amount of entrepreneurial investment, Beijing itself accounts for over 30 percent of the whole country. Beijing is the most active hub for entrepreneurship around the globe. As Beijing accelerates its construction as an international science and technology innovation center, its advantages as an innovation stronghold are set to become even more pronounced.

Second, high-end financial elements and resources are pooled here. Beijing is China's national financial management center and serves as a central hub for national financial policy regulation. By the end of 2022, the total asset value of Beijing's financial industry reached CNY 190 trillion, accounting for about half of the country's total figure. The capital scale of its private equity, venture capital, and other fund management assets rank first nationally. The financial industry has emerged as Beijing's largest pillar industry, offering an accessible channel for enterprises to secure financing and support their growth within the city.

Third, Beijing has taken the lead in domestic business services. The city has over 2,000 law firms with more than 30,000 practicing lawyers, and over 700 accounting firms with around 13,000 registered accountants. In addition, about one-fourth of the national intellectual property agencies are based in Beijing. The aggregation of professionals equips our enterprises with high-quality, specialized services, making the business services in Beijing known for convenience.

Fourth, Beijing fosters a highly favorable international business environment. Beijing has always been ranked high in the assessments of the business environments of cities nationwide. As a sample city, Beijing has greatly contributed to the significant improvement in China's rankings in the Doing Business reports of the World Bank for its business environment, making China the fastest-improving economy for two consecutive years. This is a testament to Beijing's exceptional business environment which garners praise both domestically and internationally. In addition, Beijing is also vigorously promoting reforms of its business environment. The implementation of the newly released version 6.0 reform plan has offered more convenience to enterprises by allowing the approvals of more than 98 percent of applications in most districts to be handled online. Furthermore, the implementation of "fast lanes" for welcoming international talented minds and facilitation policies for exit and entry services have further improved the investment and development environments in Beijing, making Beijing a highly favorable destination in these regards.

Fifth, Beijing boasts thriving and dynamic investment in international economic and trade activities. The city's two-way investment amount ranks among the top cities in the country. Over the past five years, Beijing has attracted total foreign investments exceeding USD 75 billion, indicating a growth rate that stands out on the national stage. Beijing also ranks among the top cities in the country in terms of foreign trade performance. In the previous year, the foreign trade volume reached CNY 3.6 trillion, representing a year-on-year growth of over 19 percent and therefore leading the country in terms of growth rate. In addition, Beijing thrives in the domain of trade in services, and the city's service sector has significant brand influence globally. The city is conducting trade in services with over 200 countries and regions worldwide. The service trade volume exceeded CNY 1 trillion last year, accounting for over 20 percent of China's national service trade volume. Beijing is a national leader, or at least at the country's forefront, in terms of investments in both goods trade and service trade. Beijing provides a good economic environment for enterprises seeking to invest and expand.

Beijing serves not only China but also the entire world, with obvious development advantages. Currently, Beijing is actively aligning with international high-standard economic and trade rules, and further deepening and expanding its opening-up based on the building of a Comprehensive Demonstration Zone for Further Opening up the National Service Sector and pilot free trade zones. We welcome enterprises to invest in Beijing, deepen mutually beneficial cooperation, and share greater development opportunities and achievements in Beijing.