Capital achieves success in utilizing an influx of overseas investment

By Yuan Shenggao | China Daily | Updated: 2018-12-28 08:10

During China's 40 years of reform and opening-up, Beijing has made significant achievements in utilizing foreign investment, both in terms of scale and quality.

In April 1980, the first foreign-invested company settled in the city. By the end of 2017, the number of foreign-invested enterprises surpassed 42,000.

Foreign capital has played an important role in optimizing industrial structure, upgrading technologies, improving operation philosophy and promoting high-quality development in Beijing.

Related policies were released to divert foreign capital to sectors such as producer services, emerging and high-tech industries, which can better serve the city's goal to construct a national center of political, cultural, international exchanges and technological innovation.

The local government is also helping to build an ideal business environment for investors. For example, it strengthens the protection of intellectual property and construction of a credit system. It provides more support for foreign expatriates to obtain permanent residency, to enter and leave China in a more convenient way, help with their children's education in local schools and provide broader access to medical resources.

To attract investment, the authorities have also expanded channels to link embassies and consulates, investment promotion institutions, chambers of commerce, multinational corporations and intermediary agencies. Conventions, exhibitions, forums and other promotional events are held to explain policies and improve the global influence of Beijing.

Beijing is accelerating pace to expand foreign investment. Driven by the major events including China's joining the World Trade Organization in 2001, more than 17,000 foreign-invested companies came to Beijing from 2001 to 2010. Foreign direct investment reached about $39.97 billion during that period.

In 2015, the State Council approved Beijing's request to construct a pilot city for opening-up in the service industry, which helped the amount of foreign capital to surge.