Ever since last September, Chaoyang District of Beijing has been driving forward the implementation of tasks for the construction of the Integrated National Demonstration Zone for Opening up the Services Sector and China (Beijing) Pilot Free Trade Zone ("Two Zones" for short).

Over the past year, Chaoyang District has registered more than 36,000 new enterprises, accounting for 17.1 percent of Beijing's total and ranking first in the city. Overall 563 foreign-funded enterprises have been newly registered, with a year-on-year growth of 35 percent. Contracted foreign investment has increased to reach USD 8.74 billion, up 53.5 percent year on year. The number of multinational headquarters has increased to 132, accounting for approximately 70 percent of the city's total. Chaoyang District has implemented 131 projects, including 57 foreign-funded projects, outnumbering other districts of the city.

So far this year, Chaoyang District has registered 413 new foreign-funded enterprises, up 55.3 percent year on year and ranking first in the city. Total retail sales of consumer goods has amounted to CNY 204.40 billion, an increase of 22.9 percent year-on-year and accounting for 24.5 percent of the city's total amount, marking the largest total volume and highest growth rate in the city.

When it comes to reform and opening up, innovation is essential. Starting from the top-level design and based on practical and innovative ideas, Chaoyang District has established a "5+3+N" opening-up policy (5 institutional facilitation innovation systems + 3 parks + N key areas) to further increase the high-level opening up. Chaoyang District has issued the first batch of 28 special policies on cross-border finance, high-end business services, digital economy and other areas to promote the construction of the "Two Zones". It has also formulated 18 policies for the quality development of Beijing CBD in eight areas, i.e. international investment attraction, headquarters economy, opening up to the world, functional institutions, digital economy, building quality and efficiency improvement, international modern business, and development of culture and arts.

Chaoyang District's precise and rapid policy innovation not only provides institutional guarantees for the construction of the "Two Zones" and financial support for industrial development, but also instills more market players with the confidence to settle in Chaoyang. Chaoyang District has ranked first in the evaluation of business environment of all districts in Beijing for three consecutive years. It has not only provided a business environment conducive to the growth of enterprises, but also injected a constant stream of new momentum for local economic development.

(Note: Content source is from Beijing Youth Daily)