Stimulus package released to spur growth in Beijing's Xicheng

The lion's share of the fund — around 3.8 million yuan — will go into infrastructure, according to the plan, as the district will keep improving facilities and services like parks, green spaces and expansion of 5G coverage.

About 714 million yuan will be set aside to help local enterprises, specifically to advance R&D and innovation, and reward groups and individual talents.

Small and medium-sized enterprises also will be covered in the category, according to Yu.

Over the years, Xicheng district in Beijing has been promoting the development of companies, especially those in finance, science and technology.

At the conference, local officials promised to improve a host of supporting measures, from office buildings and talent policies to e-government services.