Since the development of the Integrated National Demonstration Zone for Opening up the Services Sector and the China (Beijing) Pilot Free Trade Zone, collectively referred to as the "Two Zones", Beijing has carried out nearly 60 remarkable national policies. It replicated and promoted over 40 innovative cases nationwide. The city has consistently ranked at the top in all previous evaluations for the integrated national demonstration zone for opening up the services sector, effectively serving as a "test field" for institutional innovation.

To optimize the open and innovative environment, Beijing has taken the lead in implementing pilot policies nationwide, such as immediate approval for high-tech enterprises upon filing, preferential income tax for corporate-based venture capital enterprises, and preferential income tax for technology transfers. These measures aim to help enterprises reduce costs and increase operational efficiency. Beijing launched the first pilot projects for equity investment and venture capital share transfers, along with comprehensive stock option services across China. Beijing established the first stock option strategy venture capital fund and initiated an equity investment pilot program for financial asset investment companies to strengthen support for technology-based innovation. Additionally, foreign-funded R&D centers have received support for their development in Beijing, with a total of 149 centers, including those from companies like Schneider Electric, being accredited.

To accelerate the opening of the services sector, Beijing has enhanced its financial openness and established a range of landmark financial institutions, including China's first wholly foreign-owned currency brokerage and a newly established wholly foreign-owned broker-dealer. These efforts have made Beijing a leading hub for the financial sector openness. To create a green financial system aligned with international standards, Beijing has launched a national voluntary greenhouse gas emission reduction trading market. Beijing is at the forefront of implementing pilot projects for the innovative fintech supervision. The city ranks among the top in China for the number of innovation projects, the diversity of institutions engaged in the process, and the richness of application scenarios.

Additionally, Beijing has fostered the growth of the Beijing Stock Exchange, creating a main platform to serve innovation-driven small and medium-sized enterprises (SMEs). Over 250 companies are now listed on the Beijing Stock Exchange, with a total market value exceeding CNY 290 billion —more than 90 percent of which are classified as high-tech enterprises. The city has rolled out and strengthened pilot policies to facilitate cross-border financing facilitation and enable cash pooling in both domestic and foreign currencies for multinationals. These policies enhance the efficiency and ease of cross-border capital flows.

To advance reform and openness in key areas, Beijing has led China in implementing pilot projects that expand access in fields such as value-added telecommunications services and healthcare. The city has introduced pilot measures to expedite the review process for supplementary medicine applications and medicine clinical trial approval and issue an implementation plan to support the temporary import of urgently needed clinical medicines and devices. Beijing released the first catalogue of recognized international professional qualifications, marking a significant shift from unilateral to mutual accreditation.

To establish a more robust framework for the digital economy, Beijing has set up the first pilot zone nationwide for foundational data systems with high standards, covering five regions including E-Town. To streamline and standardize the cross-border data flows, the city released China's first negative list based on situations and fields of cross-border data flows in pilot free trade zones, which includes five sectors like automobile and medicine. Additionally, Beijing has also implemented service and management measures to facilitate cross-border data flows. A green channel for applications of security assessment for foreign-funded enterprise cross-border data flows has been established, reducing the total time for application and approval by around 50 percent. Moreover, Beijing has explored rules and regulations for emerging business formats and has launched China's first cross-border electronic contract-signing platform, providing cross-border businesses reliable electronic contract-signing services.

(Source: People.cn)