The State Council of the People's Republic of China approved Beijing's work plan for advancing the development of the Integrated National Demonstration Zone for Opening up the Services Sector (hereinafter referred to as the Plan) at the end of 2023. The development of the Integrated National Demonstration Zone for Opening up the Services Sector and the China (Beijing) Pilot Free Trade Zone (the "Two Zones" for short) has entered the second phase of iteration and upgrade. Since the start of 2024, Beijing has been implementing new measures as part of the Plan to foster greater openness and stimulate growth in the capital. Between January and April this year, 1,936 projects focusing on investment attraction worth a total of CNY 840.9 billion were launched in the "Two Zones".
Giving new impetus to openness in the key areas of the service sector
China's first pilot project for standardizing ESG data evaluation services in the financial sector was launched. Standard Chartered Securities (China), China's first wholly foreign-owned subsidiary, and Mastercard Information Technology (Beijing) Co., Ltd., China's second joint-venture bankcard clearing institution, have commenced operations. Landmark projects like that of Varian's regional headquarters are now underway. In all, Beijing has been working to open up key areas of the service sector like finance and healthcare since the beginning of 2024, as part of efforts to drive new engines of growth and improve the quality and efficiency of openness.
In terms of science and technology, Zhongguancun Science City International Innovation Service Cluster was set up with the first 10 entities including Unity Ventures and Deloitte China having established their presence there. Beijing, Tianjin and Hebei have collaborated to establish Chaoyang Innovation Center, a major innovation platform in Beijing dedicated to disruptive technological innovation.
In terms of the digital economy, Beijing has standardized cross-border data flows by developing a negative list for the data flows of the China (Beijing) Pilot Free Trade Zone and exploring green channels for security assessment declarations for cross-border data flows by foreign-funded enterprises. Currently, over 110 enterprises across the automotive, pharmaceutical, civil aviation, retail, and AI sectors are involved. Enterprises utilizing the green channel can reduce the average time needed for the security assessment by 50 percent.
The "Two Zones" have been reaping the dividends of the relevant policies which resulted in the introduction and launch of numerous projects. Between January and April 2024, 3,098 new reserve projects for investment attraction for the "Two Zones" were added, and 1,936 projects were implemented, with the latter worth a total of CNY 840.9 billion.
Accelerating the construction of the Phase II project of the Comprehensive Bonded Zone of Beijing Daxing International Airport
Since the beginning of 2024, Beijing has been solidifying its diversified opening-up strategies to achieve greater openness at a higher level. Progress has been made in various sectors. In the sector of science and technology, the construction of Beijing Synthetic Biology Manufacturing Technology Innovation Center and Zhongguancun Synthetic Biology Manufacturing Industry Cluster has been launched. In the sector of international business services, the development of the National Demonstration Zone for Import Trade Promotion and Innovation is underway. In terms of high-end industries, the world's first autonomous airport shuttle service demonstration scenarios between the urban areas of the capital and the two airports have been unveiled in Beijing, and over 75 percent of China's private rocket research and development enterprises have settled in the capital.
By implementing pilot projects, key industrial parks have developed their own distinct and specialized development trends. Lize Financial Business District has brought together financial elements at a fast pace, with leading enterprises like Huayuan Securities and COQ Asset Management introduced to the district. Beijing China-Germany Economic and Technological Cooperation Demonstration Zone has also joined the efforts to enhance openness and cooperation, resulting in the signing of over 10 projects, such as those for the Chinese headquarters and R&D center of mediCAD, a Germany-based medical software developer.
Beijing has been promoting the high-quality development of its comprehensive bonded zones. Beijing Zhong Guan Cun Comprehensive Bonded Zone, China's first comprehensive bonded zone characterized by R&D and innovation, underwent official inspections ahead of schedule and became the first among its counterparts in China to pilot an intelligent supervision model. Tianzhu Comprehensive Bonded Zone has expedited the establishment of a pilot zone to secure the supply of medication for rare diseases, which has completed the bonded stocking for the seamless delivery of the world's first drug for children with achondroplasia and other drugs for rare diseases. The city's first institution dedicated to the diagnosis and treatment of rare diseases is also in place now. In addition, the Phase II project of the Comprehensive Bonded Zone of Beijing Daxing International Airport has been progressing rapidly.
During the first quarter, the amount of the foreign investment actually utilized within the China (Beijing) Pilot Free Trade Zone represented 28.5 percent of the total for the entire city, a rise by 9.2 percent compared with the end of 2023. The growth rate of the revenues of enterprises above state designated scale also exceeded the city's average growth rate by 2.7 percent.
Accelerating the implementation of the Plan in 2024
The "Two Zones" are fostering a more welcoming, open environment catering to the needs of enterprises and talented individuals. As part of the capital's efforts in developing an open and inclusive environment for talented individuals, the endorsement policy for individuals planning to travel to Hong Kong SAR and Macao SAR is being piloted. To be more specific, top professionals in Beijing in the fields of scientific research, laws, and others can now apply for endorsements of one to five years for staying in Hong Kong SAR and Macao SAR for up to 30 days every time. The spouses and other family members accompanying experts employed by foreign-funded enterprises are also granted the same validity periods of entry and temporary stay, with visa services already provided over 3,000 times.
It is learned that, for the development of the "Two Zones", the scope and reach of institutional innovation will be continuously expanded while the implementation of the Plan will be accelerated. The "Two Zones" are striving to complete all the relevant tasks by the end of 2024, establish an international commercial arbitration center, and facilitate the integrated institutional innovation and collaborative supervision in different sections in the cutting-edge field of the biomedicine industry, to spur market vitality with pioneering and unparalleled achievements of institutional innovation.
(Source: Beijing Daily)