96 foreign-invested enterprises settled in Tongzhou in 2020

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Beijing's Tongzhou district attracted a total of 96 foreign-invested enterprises to settle within its borders in 2020, bringing a total registered capital of US$902.64 million (5.86 billion yuan), a year-on-year increase of 309.96%, according to the district's commerce bureau.

As Beijing received approval from the State Council last September to expand the opening-up of its service industry, Tongzhou district worked to optimize its business environment to accelerate the attraction of high-end resources. As such, foreign investment continues to pour into the district, with contracted foreign investment totaling US$887.35 million by the end of 2020, a year-on-year increase of 359.03%.

In September last year, China gave the green light to Tokyo-based Ueda Yagi Tanshi to establish the first wholly foreign-owned money broker in Beijing's Tongzhou district.

"Ueda Yagi Tanshi is confident in the expansion of China's currency brokerage market," said Huang Hong, head of the Ueda Yagi Money Brokerage China preparation team.

In 2020, Tongzhou also made steady progress in utilizing foreign capital. The amount of the foreign investment in actual use reached US$565.28 million. Foreign investment predominantly went toward industries involved in scientific research; technical services; wholesale and retail; leasing and business services; culture, sports, and entertainment; and real estate.

Li Xia, head of the Tongzhou District Commerce Bureau, described how the active use of foreign capital is an important measure in accelerating the construction of Beijing's sub-center. It is also an important starting point for the district to deepen supply-side structural reforms, promoting economic transformation and upgrading, and achieving high-quality development.

In order to further improve its business environment, Tongzhou district has also issued an implementation plan for further opening up. A special task force for major foreign investment projects in Tongzhou district has been created, involving 15 industry authorities in the district. In the meantime, a long-term mechanism for major foreign investment projects and supporting services has also been configured.

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