Preliminary estimates for Beijing's 2021 GRP are projecting in excess of CNY 4 trillion, up 8.5% from last year. CPI increased by 1.1%. The per capita disposable income of residents rose by 8% in real terms as economic structure and growth quality continued to improve, with per capita GRP and labor productivity (as measured by per worker output) ranking first in China.

The development of high-level, high-precision, cutting-edge industry gathers pace

Efforts are being made to build Beijing into an international center for scientific and technological innovation as high-level, high-precision, cutting-edge industry looks to benefit from the inauguration of National Labs in Zhongguancun, Huairou, and Changping. Adding to the success were the establishment of a number of scientific apparatuses and the achievement of significant milestones in the construction of the Comprehensive National Science Center.

The government has intensified efforts to grow integrated circuit companies along the entire industrial chain, turning Beijing into a national focal point for the semi-conductor industry and related innovation. Beijing was the first to gain approval for two locally-produced COVID-19 vaccines and successfully developed China's first COVID-19 antibody drug. A total of five billion doses of COVID-19 vaccines have been manufactured, contributing significantly to the global battle against the pandemic.

Two Zones development speeding up

The government has implemented policies calibrated against international standards and best practices, and Beijing was the first city in China to pioneer 34 specific policies. Over a hundred landmark projects have been launched, ten best practices from Beijing have been replicated nationwide, and key areas such as the financial sector have opened up at a notably faster pace. Beijing successfully hosted the China International Fair for Trade in Services (CIFTIS), the Zhongguancun Forum, and the Financial Street Forum. Finally, the Beijing Stock Exchange was established and began trading.

Version 4.0 of reforms aimed at improving the city's business environment has been completed, with 52 items requiring government approval added to the notification and compliance commitment mechanism. The pilot reform to separate permits from business licenses and grant a single license to each business has been deepened, and more government service items can be processed online and across provincial and district boundaries. All municipal state-owned enterprises have essentially adopted modern corporate governance practices, with their business revenues and profits reaching record highs.

(Source: Beijing Evening News)