Tongzhou District of Beijing recently released 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. The action plan focuses on promoting the development 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) in Tongzhou District with high standards and high quality, while specifying 106 tasks and being committed to the brand building of "International Financial Hub" and "International Design Town".

The Tongzhou Cluster is planned with an area of 10.87 square kilometers of available industrial space around the Canal Business District inside the Beijing Municipal Administrative Center and around Zhangjiawan Design Town. It focuses on such fields as wealth management, green finance, financial technology, urban technology, cultural design, and professional services.

According to the action plan, construction of the "Two Zones" in Tongzhou will be centered on the implementation of eight major initiatives, i.e. 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 cluster for high-end services, constructing an innovative integrated supporting system, and setting demonstrative examples for coordinated development within the Beijing-Tianjin-Hebei region.

Specifically, it will encourage eligible financial institutions and multinational corporations to set up regional headquarters for cross-border operations, carry out a pilot project on single account integrating local and foreign currencies, and create a hub of asset management featuring public REITs. It will reinforce the financial cooperation in the Beijing-Tianjin-Hebei region while advancing the establishment of a regional financial risk monitoring and rapid response system, and take active measures for building a city of design in Beijing.

(Note: Content source is from Xinhuanet.)