Beijing's "two zones" initiative is gathering momentum, as nearly 70% of the scheduled tasks are being implemented, according to a press conference on Thursday.

Among the 251 tasks approved by the State Council in Beijing's "two zones" initiative, 187 have been well underway since last September when the initiative kicked off, accounting for 66.5% of all the tasks in the to-do list.

The "two zones" refer to Beijing's efforts to become a pilot free trade zone and the national integrated demonstration zone for expanding opening-up in the service sector. 

Under the initiative, Beijing is focusing on technological innovation, the digital economy, and other areas to spur new growth areas, said Liu Meiying, spokesperson of the municipal commerce bureau.

As the service sector continues to open up, various foreign businesses in the finance, medical care, education, culture and tourism, and professional service fields are setting up operations in Beijing.

In addition, each cluster of the Beijing pilot free trade zone has reaped tangible results since the implementation of the "two zones" initiative.

The Haidian cluster, which focuses on technological innovation, has registered nearly 1,500 new companies. From January to May, Haidian district added 112 foreign-funded companies, with a total contracted foreign investment of US$5.89 billion, up by 390.72% year on year.

Beijing Economic-Technological Development Area, or Beijing E-Town, registered a GDP of 53 billion yuan (US$8.22 billion) in the first quarter, up by 37.5% year on year.

Tongzhou district, which positions itself in areas like wealth management, green finance, and culture and tourism, welcomed 9,553 new market entities from January to May, up by 53.83% year on year.

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