Over half a year after construction of the "Two Zones" commenced, Chaoyang Cluster has reported milestone  results in 43 of the 62 key tasks in five categories, marking the implementation of 70 percent of the outlined policies. Notable effects have been observed in terms of business invitation and investment attraction, i.e. newly registering 563 foreign-funded enterprises, an increase of 55 percent, attracting contracted foreign investment of USD 4.626 billion, up by 55.4 percent,, and receiving paid-in foreign capital amounting to USD 1.34 billion, growing by 46.9 percent.

In order to promote the construction of the "Two Zones", Chaoyang District has established the "government + market" and "international + domestic" cooperative investment promotion mechanisms, set up professional investment service companies, and established a branch of Beijing CBD Global Investment Promotion Liaison Station in Shanghai. It has improved the Methods of Chaoyang District for Recognizing and Rewarding Investment Promotion Intermediary Service Agencies, in order to foster business-based and market-oriented investment promotion.

To better understand enterprises' needs, Chaoyang District has increased targeted industrial policy support. Senior officials of the district government lead to visit over 3,000 foreign-invested or foreign trade companies, transnational corporation headquarters, and financial enterprises, in order to learn about their policy needs. Chaoyang has already issued its first batch of 28 measures designed to promote the development of the free trade zone. A number of industrial support policies tailored for the "Two Zones" will soon be launched by the CBD, the District Financial Services Office, Chaoyang District Commerce Bureau’s Cultural and Creative Experimental Zone Management Committee and other related departments.

With help from the CBD, Jinzhan International Cooperation Service Zone, and Zhongguancun National Innovation Demonstration Zone’s Chaoyang Park, Chaoyang District organized a series of publicity campaigns for construction of the "Two Zones" focusing on five major institutional free trade facilitation innovations. The district also conducted over 50 online and offline meetings to promote investment and provide policy interpretation as well as information concerning the construction of the "Two Zones", attracting the participation of over 50,000 enterprises. Since September 28, 2020, 14,790 new domestically-funded enterprises were registered in Chaoyang District, accounting for 16.67 percent of the city's total, and representing an increase of 22.39 percent year-on-year. Meanwhile, the district attracted 563 foreign-funded enterprises, an increase of 55 percent. Contracted foreign investment reached USD 4.626 billion, growing by 55.4 perecent, and actually utilized foreign capital reached USD 1.34 billion, growing by 46.9 percent, reflecting increasingly strong development momentum of Choyang District.

Chaoyang plans to carry out researches, visits and discussions with more than 3,000 foreign-funded or foreign trade companies, multinational headquarters, and financial enterprises so as to better understand their policy needs. In accordance with the capital's new opening up status, the district will intensify reform and innovation efforts, further improve the business environment and fully promote the construction of the "Two Zones".

It will focus on such areas as the CBD, Jinzhan International Cooperation Service Zone, and Chaoyang Park of the Zhongguancun National Innovation Demonstration Zone, and emphasize the fields of cross-border finance, high-end business, and digital technology. Efforts will be exerted to establish an interactive international capital hub and functional international business hub and promote the return of overseas consumption to ultimately take the opportunity of the "Two Zones” for high quality economic development of Chaoyang District.

(Note: Content source is from Beijing Youth Daily)