During the Two Sessions of Chaoyang District, it was revealed that the development of the Two Zones in the district has prompted a surge in the number of enterprises, with 138 headquarters of multinational corporations registered in total in the district. The Jinzhan International Cooperation Service Zone will accelerate its effort to plan and build the “Second Sanlitun”, set up a high-end cross-border consumption center and lay out a railway micro-center complex. Meanwhile, construction of the International Venture Capital Cluster 2.0 will commence at Zhongguancun Science Park Chaoyang Park.

Chaoyang District is one of Beijing’s first batch of integrated pilot demonstration zones for opening up the services sector. At the same time, the central area of Beijing’s CBD and a portion of the Jinzhan International Cooperation Service Zone were included in the International Business Service Area of the China (Beijing) Pilot Free Trade Zone by the end of September, 2020. Since the establishment of the Two Zones, by the end of this October, Chaoyang District has attracted 46,000 new enterprises, the highest among all districts of Beijing. There are 749 new foreign-funded enterprises in the district, a 40.5 percent year-on-year increase. The district has also raised 15.42 billion dollars in contracted foreign capital, a 120 percent increase over the previous year. The foreign capital actually utilized amounted to 5.85 billion dollars, an increase of 15.1 percent compared to the previous year.

Chaoyang District is a major district for consumption in Beijing. Based on commercial complexes such as China Central Place, China World, and SKP Beijing, Chaoyang District’s next steps will focus on boutique shopping, first release of products, brand debuts, and business tourism. In doing so, the district will build the CBD into a national-level high-end consumption location, the first choice for business trips and a model of the international lifestyle. The commercial district to be developed will be valued at 100 billion yuan.

(Source: Beijing Youth Daily)