Beijing welcomes over 800 projects to its service sector and FTZ

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Over 800 business projects from leading enterprises have been introduced to Beijing as the city works to establish both a comprehensive demonstration zone for expanding opening-up in the service sector and a pilot free trade zone (FTZ), as announced at a press conference on Wednesday.

Approximately one-fifth of these projects are supported by foreign investment.

Authorities of the city's 16 districts and the Beijing Economic and Technological Development Area, as well as municipal government bodies across nine key sectors, have each drawn up working plans to promote construction of the demonstration zone and FTZ.

According to Liu Meiying, an official with the Beijing Municipal Commerce Bureau, nearly 90 out of the 251 tasks for the development of the Beijing demo zone and FTZ have been completed.

With support from relevant national government agencies, Beijing has taken the lead and launched policy trials concerning the transfer of shares into private equity funds. It has also made remarkable progress in its intellectual property insurance trials.

The application of digital RMB ahead of the 2022 Beijing Winter Olympics also began testing on the Beijing Daxing International Airport subway line, following the first testing round in Beijing Lize Business District.

In addition, Beijing plans to further build its capacity as an international consumption center through nurturing of global business circles, the establishment of brand incubators, and promotion of cultural and tourist destinations. 

The city also plans to further increase the influence of China International Fair for Trade and Services, improve the city's function as an international port via its two airports, and build an open platform for industries based on its three comprehensive bonded zones.

These plans began after China's State Council approved plans in the second half of 2020 for Beijing to build a national comprehensive demonstration zone for expanding opening-up its service industry and a pilot free trade zone.

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