The digital economy has become a new engine for high-quality development in Beijing, with its added value reaching 1.4 trillion yuan (US$196.8 billion) in the first three quarters of this year, accounting for 44.3% of the city's GDP, the Beijing Municipal Bureau of Economy and Information Technology announced at a press conference Thursday.

Beijing has stepped up efforts to accelerate the construction of digital infrastructure, laying a solid foundation for the robust development of the digital economy, said Jiang Guangzhi, director of the Beijing Municipal Bureau of Economy and Information Technology.

To date, Beijing has built 104,000 5G base stations across the city, achieving full coverage within the city's Fifth Ring Road. Some key areas and typical use scenarios outside the Fifth Ring Road have had access to the 5G network as well

In addition, the city has rolled out a slew of measures to support the development of the digital economy. Beijing will formulate regulations and policies related to newly emerging fields such as smart connected vehicles, and strengthen the establishment of a system to facilitate cross-border data mobility, Jiang said. 

Beijing has also accelerated the construction of digital industrial clusters to provide a sound environment for the development of the digital economy. Covering an area of 9.5 square kilometers, a new AI industry center will be established in the Zhongguancun technology hub, widely known as "China's Silicon Valley." The area will house four AI industrial parks with a total area of 670,000 square meters. 

As more data trading activities are seen in hospitals, designing institutes, and other key areas in Beijing, the city's data market is growing rapidly. Since the establishment of the Beijing International Big Data Exchange in 2021, a total of 27 data asset registration certificates have been issued, with the transaction volume exceeding 2 billion yuan, according to the exchange. 

To further leverage the strength of data in the economy, Beijing has established the country's first pilot zone of data foundation system and rolled out incentive measures to encourage registration, transaction, and other trading activities related to digital assets. According to the Beijing Economic and Technological Development Area, the district will add service centers and data training bases to facilitate the flow of data and stimulate the vitality of market players.

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