Beijing issues guideline for stimulating economy

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Beijing published a guideline on Wednesday for promoting new industries and new business models as part of its plan to drive high-quality growth and stimulate the economy.

The guideline includes a series of measures to boost new infrastructure, consumption, services, and further opening up.

Focusing on key elements of the digital economy, Beijing said it will build an innovation-driven new infrastructure ecosystem by 2022 that boasts a safe and stable internet foundation, integrated data, and diverse smart applications, according to the guideline.

By the end of 2020, the total number of 5G base stations will be over 30,000, covering all areas within Fifth Ring Road and the city's sub-center. The construction of an advanced auto driving environment will also be completed this year.

Beijing will implement an action plan to improve smart transportation, build online hospitals, develop more high-quality online education products, and speed up the digital transformation of traditional infrastructure.

The guideline says Beijing will build over 10 demonstration sites displaying the city's urban charms and major innovation achievements, scale up over 100 new applications for urban management and service, and support over 1,000 high-growth companies.

More new technologies will be applied to the preparation and hosting of the 2022 Winter Olympics and help to create a more immersive audience experience.

On consumption, Beijing announced it would support the night economy and online fitness and entertainment programs, as well as expand cross-border e-commerce.

According to the guideline, the city will further open up its service and finance industry, cut red tapes, encourage non-governmental investment, and create a more favorable business environment.

The guideline aims to improve people's livelihood and stabilize business growth and employment, said Tan Xuxiang, head of the Beijing Municipal Development and Reform Commission.

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