Beijing's openness to international trade and investment advances
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E-mail China.org.cn, March 21, 2023
Two recently released books on Beijing's economic development in the past year showcase the city's growing openness to the outside world and its flourishing platform economy, represented by internet platform companies.
The two reports are the "Blue Book of Opening-Up: Annual Report on Beijing Opening-Up Development (2022)" and the "Blue Book of Beijing's Economy: Annual Report on Beijing's Platform Economy (2022)."
These reports reveal that Beijing's outbound investment growth rate reached a five-year high in 2021, with the scale of foreign investment continuously expanding. Additionally, the income of foreign-funded enterprises is steadily increasing, and the number of newly established foreign-funded enterprises is also growing rapidly.
Technological advancement has introduced new trade formats. The annual report on Beijing's opening-up development emphasizes the city's focus on constructing digital trade pilot zones, big data trading centers, and cross-border data flow supervision. These initiatives will further unlock institutional dividends and create new advantages for international competition in cross-border e-commerce.
The report also notes that as Beijing accelerates the development of high-level opening-up, new advantages in international cooperation and competition will gradually emerge. It identifies two trends that will bring new vitality to Beijing's foreign trade growth: the acceleration of openness in the service industry and the high-quality implementation of the Regional Comprehensive Economic Partnership agreement.
The annual report on Beijing's platform economy suggests that the city has seized the important opportunity to develop the platform economy. The city's platform companies occupy a significant position in the industry, with the number of platform companies and industry scale ranking among the top in China. Furthermore, Beijing's unique advantages in technological innovation have given rise to several comprehensive science and technology service platforms. These platforms, in turn, have bolstered the city's overall construction of the "two zones."
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