This year's China International Fair for Trade in Services (CIFTIS) coincides with the third anniversary of the launch of Beijing's "Two Zones" initiative, i.e. building the National Integrated Demonstration Zone for Greater Openness in the Services Sector and China (Beijing) Pilot Free Trade Zone (Beijing FTZ). Over the past three years, Beijing has leveraged the strategic positioning assigned to it by the central government and has made remarkable progress in its various endeavors.

Beijing’s paid-in foreign investment accounts for 9 percent of the national total

In the past three years, over 18,000 projects have been registered, involving a total investment of over CNY 3.5 trillion. Among these, over 12,000 projects have been implemented, with a total investment of approximately CNY 2.3 trillion. Nearly 130 landmark projects, including Beijing Stock Exchange, Beijing International Data Exchange, and Morgan Stanley Securities subsidiary for alternative investment, have been launched one after another. From 2020 to the first half of 2023, Beijing’s paid-in foreign investment reached USD 55.14 billion, accounting for 9 percent of the national total. Specifically, the paid-in foreign investment in the services sector accounted for 97 percent of Beijing’s total, showing more distinctive features of an open economy.

Ninety-eight percent of the 251 tasks approved by the State Council have been completed.

In the first year, Beijing focused on achieving breakthroughs in specific areas. Policies such as "instant approval following registration" for high-tech enterprises, import of pharmaceutical products via cross-border e-commerce, and income tax preferences for technology transfers were implemented to benefit market entities at an early stage.

In the second year, the city extended its reach online. Policies were implemented to promote the opening up of the entire industry chains in four industries, namely sci-tech innovation, digital economy, green finance, and biomedicine. Moreover, comprehensive reforms were carried out in key areas such as investment, trade, talent, intellectual property, and balance of payments. A total of 10 special plans were launched accordingly.

In the third year, the focus of Beijing was on the integration of systems. Based on the further opening-up of all industry chains and deepened reform of all processes and relevant policies, which had been achieved through continuous improvement, Beijing also coordinated efforts to create a first-class international business environment and promoted integrated innovation through project-based approaches, with more than 40 innovation tasks clearly defined.

Over the past three years, more than 90 groundbreaking policies have been implemented in Beijing, of which nearly 50 are first of their kind in China. The innovation in policies has helped to improve the services sector.

With 20 key parks identified for the initiative, a "wild geese pattern" of parks has taken shape, in which clusters of the Beijing FTZ are the mainstay, featuring sci-tech parks, financial districts, and consumer and tourism services.

Firstly, the functional layout of the parks has been optimized. The newly established Beijing Zhongguancun Comprehensive Bonded Zone, with a focus on research and innovation, is exploring new regulatory approaches catering to research and development needs. Active efforts have been made to promote the development of Yizhuang Comprehensive Bonded Zone highlighting advanced manufacturing. There are also Tianzhu Comprehensive Bonded Zone and Daxing Comprehensive Bonded Zone. The city has formed a functional layout, in which the south and north regions, aided by airports, focus on facilitating the trade in goods and services, while the northwest and southeast regions rely on industries, with emphasis on enhancing industrial services.

Secondly, efforts have been made to empower the development of the parks. Functional service platforms have been established within the parks to strengthen the institutional foundation for industrial development.

In addition, links to resources have been strengthened. Measures are being taken to introduce iconic projects into key parks. For example, foreign-funded enterprises such as Beijing Aero Engine Service Company Limited, Sino-German Rhine Vocational Skills Training School, Refinitiv China, Amazon China, Thunes, and Veolia China have contributed significantly to the internationalized development of these parks.

At the 2023 CIFTIS, businessmen from around the world will get to know about the "Two Zones" during "One Exhibition, One Conference, and One Forum".

"One Exhibition" refers to the core part of the Comprehensive Exhibition of the CIFTIS. For the first time, outstanding achievements made in the opening up of China's services sector and in the innovative development of the country's trade in services since the 18th National Congress of the Communist Party of China will be presented. Beijing represents the "1" in "1+4+6" participants designated for the comprehensive trials for further opening-up of the services sector, playing a leading role in this regard.

"One Conference" refers to Invest in China Year - The Promotion Conference on Greater Openness in the Services Sector which is scheduled to be held on the morning of September 3, themed on "Services Sector of China, New Opportunities for the World". The conference will focus on introducing the policies and enabling business environments of in 11 pilot provinces and municipalities for further opening up the services sector, including Beijing and Tianjin.

"One Forum" refers to the 10th China Inbound-outbound Forum, which will be the fourth international forum co-hosted by the Beijing Municipal Leading Group Office for "Two Zones" and the Center for China and Globalization (CCG) during the CIFTIS. This forum will feature a session dedicated to Chinese and foreign business associations, inviting more than 10 such associations to engage in a dialogue regarding the institutional innovation highlights of the "Two Zones" initiative. Additionally, it will include discussions on venture capital strategy, technological innovation, and green and low-carbon development. International organizations in related fields, leaders of Chinese and foreign companies, and think tank experts will be invited to a roundtable for exchanging insights on the hotspot issues and trends in the relevant industries and future efforts as well as paths of innovation for the "Two Zones" initiative.

(Source: The Beijing News)