"Driven by the development of the 'Two Zones' and other policies, Beijing's investment in Q1 continued to grow, kicking 2021 off to a good start.” In Q1, Beijing's investment in  fixed assets increased by 18.3 percent year on year, while investment in construction and installation increased by 25.8 percent year on year.

Institutional Innovation Unleashes the Momentum for Investment Growth

Data for Q1, 2021 indicates that investment in the 3 batches of 100 key projects totaled CNY 51.5 billion, accounting for over 35 percent of all investment in Beijing. Currently, 37 of the first 120 key projects have commenced.

Beijing has formulated a pilot reform program of "Regional Assessment + Standardized Land + Commitment Honoring System + Government Support" and will thoroughly implement reforms regarding Commitment Honoring in both "Three Cities and One District" and the Free Trade Zone. The first case of administrative approval upon project notification and commitment in Beijing has been registered in the Daxing International Airport Economic Zone. At the same time, Beijing will also quicken the pace of construction of major projects on investment services. The construction of Customs checkpoints and supporting facilities for Phase I of the Daxing International Airport Comprehensive Bonded Zone has been completed, and the construction of Minsheng Bank Building has commenced.

Investment in High-tech Manufacturing Increases by 92 Percent

According to Beijing Municipal Development and Reform Commission, Beijing saw in Q1 sound investment in the areas meant to shore up weak spots, reduce weaknesses, and enhance the sustainability of growth. Investment in high-tech manufacturing saw an increase by 92 percent year on year. In addition, investment in new infrastructure and on culture & sports increased by 54.2 percent and 25.1 percent respectively.

According to the two-year statistics, regarding the investment in fixed assets in Q1, 2021 increased by 9.9 percent over the same period in 2019, with an average year-on-year increase of 4.8% in two years. Generally speaking, Beijing's investment has been growing for 8 consecutive months since August 2020, with improving investment quality and efficiency.

1,416 Projects Reserved to Attract CNY 2.4 Trillion Potentially

In Q1, pace was accelerated and significant progress was achieved the construction of key special projects and key areas such as the Beijing Municipal Administrative Center, southern Beijing, "Three Science Cities and BDA ", New Shougang High-end Industry Services District, and the Winter Olympics and Paralympic Games.

It is worth noting that apart from the aforementioned areas, Beijing has also continuously improved the reserve mechanism for major investment projects and actively cultivated a batch of new investment growth points and growth poles. After reviewing key projects in reserve, Beijing has made a list of the first batch of 1,416 reserved key projects for 2021 with a total planned investment of CNY 2.4 trillion. This marks an increase of 85 percent over the same period last year in terms of quantity, and an increase of 68 percent in terms of volume.

"The rolling mechanism has been developed faster to plan, reserve and implement potential projects by batches, so as to effectively guide the implementation of the 14th Five-Year Plan outline forward," said an official in charge, adding that Q2 would be a golden period for the construction of projects in 2021 and reasonably strong investment growth would be maintained in Q2. Efforts would be exerted at all levels to promote investment and maintain growth, while continuing to implement batches of major leading and iconic projects, ultimately providing strong support for Beijing's high-quality development.

(Note: Content source is from Beijing Evening News)