Beijing rolls out measures to promote new business forms

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Beijing has introduced a series of policy measures to spur the development of new business forms, as the city aims to become a global tech hub and an international consumption center.

According to the municipal commerce bureau, the Chinese capital has initiated over 100 measures to further open up the service sector and facilitate the trade of service.

For example, Beijing has become China's first pilot city to allow for sales of pharmaceutical products via cross-border e-commerce platforms, and it also gave the greenlight to foreign-funded businesses to organize performance shows and put on art exhibitions in the city.

In the aerospace sector, Beijing plans to provide more funding and insurance support to privately owned firms to help them acquire investment and mitigate risks.

In the digital economy sector, the city is accelerating the applications of 5G technology, block chain, artificial intelligence, and big data to drive the digitalization process and spur the development of the real economy.

In the 14th Five-Year Plan period (2021-2025), Beijing targets an annual growth rate of 7.5% for the added value of the digital economy.

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