BDA issues 20 measures to improve services for foreign companies

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The Beijing Economic-Technological Development Area (BDA) recently released 20 measures to improve services for foreign companies, in a bid to foster an international business environment. 

The BDA has attracted over 1,100 foreign-invested companies as well as US$11 billion of foreign investment in actual use. In 2022, the area's industrial output reached 537.1 billion yuan (US$74.93 billion), 69% of which was generated by foreign-funded companies. 

To open up the advanced manufacturing industry, the BDA will implement the country's policy of removing all restrictions on foreign investment access in this sector. Pilot policies will be implemented to open up the city's high-end service industries, and support facilitation of investment and trade as well as cross-border data transaction. 

As for the biomedicine industry, the BDA will encourage foreign-invested companies to conduct clinical tests for cells and gene therapy medicines already available overseas, and simplify market-access procedures for overseas medicines produced domestically. 

Foreign-funded companies can enjoy services to have better access to market, talent, resources, partners, and funds, and share the benefits of China's development, according to the BDA.

Efforts will be made to recognize foreign professional certificates, help companies to find partners of industrial and supply chains, facilitate foreign exchange receipts and payments, and introduce innovative systems regarding intellectual property rights services. 

In addition, the BDA will cut red tapes to improve administrative services and open a multilingual service hotline to address concerns of foreign companies. The BDA will align with high-standard international economic and trade rules including the CPTPP and the DEPA to foster an international business environment.

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