Beijing home to 19,000 enterprises funded by overseas Chinese

0 Comment(s)Print E-mail China.org.cn, November 23, 2018
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Since China's reform and opening up, a large amount of overseas Chinese investment in innovation and entrepreneurship flocked to Beijing. There are now nearly 19,000 overseas-Chinese-funded enterprises in Beijing, accounting for 70 percent of the total number of foreign-funded enterprises. More recently, these investors have begun favoring the service industry, which received 53 percent of all overseas Chinese investment. 

On Nov. 21, the municipal government's report on overseas Chinese affairs was reviewed in the ninth session of the Standing Committee of Beijing Municipal People's Congress, and the Ethnic, Religious and Foreign Affairs Committee of the congress offered suggestions on the report. 

According to Liu Chunfeng, director of the Beijing Municipal Overseas Chinese Affairs Office, Beijing took a series of measures to better attract and service overseas Chinese, including a long-term mechanism for the introduction of overseas talents, a platform for the transfer of high-tech and innovative achievements, and a comprehensive public service system. An action plan to invite participation from overseas Chinese for the 2022 Beijing Winter Olympics and Paralympics was jointly issued by the offices in charge of overseas Chinese affairs in Beijing, Tianjin and Hebei, as part of the coordinated development of the region. 

Liu said that the next step for Beijing is to conduct research on the legislation for overseas Chinese, and enact local laws and regulations to protect them. The city will also revise the implementation measures to guarantee the rights of returned overseas Chinese and their relatives and create a good environment to attract and support oversea Chinese in Beijing. 

In the session, the Ethnic, Religious and Foreign Affairs Committee pointed out that a lot of overseas Chinese have come to Beijing to invest in innovation and entrepreneurship projects, and the investment accounts for 60 percent of the total foreign investment. Many overseas talents have been involved in IT, biopharma, finance and insurance industries. They have made contributions to a number of high-tech industries and innovation and entrepreneurship bases to promote the transfer of high-tech achievements with intellectual property, playing an irreplaceable role in the development of Beijing. 

The committee further proposed that the authorities should address the needs of overseas-Chinese enterprises and promote the implementation of business-centric policies in order to attract more excellent overseas talents and research groups. The committee also proposed that the municipal government should improve the mechanism to protect the rights and interests of overseas Chinese in investment, cross-border entries and exits, local residence, charity and donation, intellectual property, social insurance and children's education, and build a database for service management.

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