Since the beginning of the construction of the "Two Zones" (the Integrated National Demonstration Zone for Opening Up the Services Sector and the China (Beijing) Pilot Free Trade Zone), Beijing has implemented more than 70 groundbreaking policies. Over 80 innovative achievements of the city have been promoted and replicated in China, while more than 120 innovative practices have been promoted throughout the city.

Institutional Opening-up Creates a Hub of Innovation

Beijing has rolled out pioneering policies such as those of the income tax incentives for technology transfer, and the "approval upon application" service for the recognition of high-tech companies. What's more, Beijing launched China's first pilot program for share transfer of equity investment and venture capital. Several policies for opening-up and innovation were initiated here, including that for the pilot program for equity investment by financial asset investment companies, to boost the sci-tech sectors. Meanwhile, the city took the lead in China by releasing a catalogue of recognized international professional qualifications, strengthening mutual recognition of professional qualifications of Chinese and foreign talented minds. In addition, Beijing issued China's first special document on the registration of real estate and equity trust properties.

Innovative Supervision Practices Lead to Leapfrog Growth of Foreign Trade

Over the past five years, the number of Beijing's integrated bonded areas increased from one to four. The logistics efficiency of its airports has been further improved. Meanwhile, the volume of foreign trade grew from CNY 2.32 trillion in 2020 to CNY 3.61 trillion in 2024. In 2024, the inbound and outbound cargoes as well as trips by individuals under the supervision of the Beijing Customs respectively surged by 35.1 percent and 99.3 percent year on year.

In the first five months of this year, Beijing saw 8.99 million inbound and outbound trips by tourists, up 22.8 percent year on year. The total amount of departure tax refund applications filed by overseas travelers reached about CNY 470 million, rocketing by 91.6 percent year on year. The potential of inbound tourism consumption was further released.

(Source: Beijing Daily)