Beijing upgrades the service sector in the CBD as a pilot area

[Photo: Baidu.com]

The 2017 Beijing CBD International Forum was held on September 13, aiming to further develop the service sector in the city by increasing the number of related open comprehensive demonstration areas in the CBD.

The Beijing Central Business District (CBD) has developed as a significant pillar for the capital's economic and social development.

Located in the Chaoyang District on the east side of the city, this region has witnessed a rapid development.

Currently, Beijing is divided into six functional-oriented districts according to the specific industrial cluster in the area. As one of these six districts, the CBD has become an ideal destination for finance, media and business services to establish their offices in this region.

"The revenue from the CBD reached 110 billion yuan in 2016, contributed to 58% of the entire sum in the city. In recent years, the CBD has seen a large number of upmarket enterprises settling down in this area, including transnational corporations, international financial institutions, 90% of the international media institutions, 80% of the international organizations and business councils and 70% transnational companies of Beijing," said Wu Guiying, the most senior official of the Chaoyang District, during the forum.

In June of 2017, China's State Council officially approved a draft of promoting and renovating the service sector in Beijing.

According to the draft, four new industries have been added to the list, which are welcome to set up their headquarters in the CBD. These industries include radio and television broadcasting and film industries, consulting companies, legal services and medical research.

Furthermore, employment limitations are loosened in this region to attract more elite talents and foreign specialists to work.

Wang Hao, head of the Chaoyang District government, said the Chaoyang District, as the pilot area for developing the service sector in Beijing, has adopted 12 new implementations, which are specifically personalized for this area.

These implementations help optimize many fields, including scientific innovation, financial services and trade for traditional Chinese medicine.

Wang believes that this step will efficiently achieve the goal of constructing the Chaoyang District as an open service sector comprehensive demonstration area.

Beijing municipal-level officials have also said that Beijing will successfully build an influential first-class business district in the international level.