Scale of Beijing's industrial internet to reach 150B yuan in 2023

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Beijing plans to build itself into a national leading base for industrial software and internet by 2023, with the scale of its industrial internet to reach 150 billion yuan, according to a recently released action plan from the Beijing Municipal Bureau of Economy and Information Technology.

The action plan, entitled "Beijing Industrial Internet Development Action Plan (2021-2023)," puts forward a number of goals for the development of the city's industrial internet, such as making breakthroughs in a number of core industrial software technologies, developing an industrial software open-source community with international influence and cultivating 50 network security enterprises with core competitiveness.

To achieve these goals, Beijing will encourage M&A funds and equity funds to participate in and support leading industrial internet companies as they merge with related upstream and downstream enterprises. Beijing will also speed up the construction of a national industrial internet big data center.

In terms of international exchanges and cooperation, Beijing will seize the opportunity of the "two zones" initiative to attract foreign-funded enterprises and R&D centers across the industrial internet sector, and encourage key local enterprises to actively expand into the international market.

The capital city will also introduce more policy incentives to attract industrial internet talent. What's more, those in the highly-skilled, professional service and business management categories that meet relevant policy standards of Beijing can use a fast track to apply for Beijing residence qualification.

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