Chaoyang facilitates win-win service sector cooperation

Chaoyang district in eastern Beijing, where almost all the embassies are located, is taking measures to strengthen communications with embassies and international organizations to promote the further opening-up of its service sector, according to officials.

Chaoyang district hosted a promotional event at Beijing’s iconic Olympic Tower to introduce its continuously optimized business environment, industrial development potential and upgrade plans to representatives from 15 embassies, including the British Embassy Beijing and the Embassy of Japan in China, five international organizations and some companies on Wednesday.

Wang Hao, Party chief of Chaoyang district, shared the district’s internationalization plan with all participants.

“We are working on a three-year action plan and will put in place some supportive policies to promote internationalization in regions such as Sanlitun, Wangjing, Maizidian and the area around the embassies,” Wang said.

Wang Xining, a member of the standing committee of the CPC Beijing, said Chaoyang district will adopt a new industrial development mode, ease market access, and carry out pilot projects in fields such as finance, science and technology, business and cultural creation to support its service sector development in upcoming years.

Chen Qinghua, director of Chaoyang district’s commission of commerce, said the initiative will help attract more foreign companies to Chaoyang district and establish a service platform for businesses in the district to seek opportunities in foreign markets.

The events also will promote mutual understanding between Chaoyang district and other parts of the world.

“I am glad to hear Chaoyang district is fostering one of the best service sectors and planning to do more in the future. The UK has world-class expertise in a number of areas including law, accounting, financial services, advertising, architecture and insurance,” said Nicola Lu, head of Capital Investment at the British Embassy in Beijing.

Lu said that the UK is looking forward to having more communication and collaboration with China’s industry.

Dong Bin, chairman of the Sino-European Entrepreneurs Summit Committee, said that Chaoyang district will play a more significant role in supporting regional development.

“As I have been working and living in Chaoyang for more than 20 years, my own observation about this area is that it is more open, inclusive, safe, international, energetic and is an inspiration,” Dong said.

Robert Sterling Quant, ambassador from the Bahamas to China, also shared areas where China and Bahamas can collaborate in upcoming years.

Chaoyang district has been committed to developing a long-term effective communications mechanism to strengthen ties with embassies and international organizations. The event on Wednesday marked the debut of the mechanism.

Officials also said that more similar events will be organized this year. For instance, Chaoyang district will organize two communications events this year, which will target G20 member countries and countries taking part in the Belt and Road Initiative. It also will host matchmaking events to better connect Chinese companies with businesses from countries such as the UK, US and Australia.

The district also will leverage its iconic landmarks – such as the Prince Shun Cheng Mansion and the Bird’ Nest stadium – to promote international exchanges, according to officials.

Consultancy service provider PwC said in a report released on Nov 6 that Chaoyang district is home to nearly 10,000 foreign companies and to date had attracted more than $60 billion in foreign investment to the region.

The report said that Chaoyang district has 122 regional headquarters established by multinational companies, accounting for 70 percent of Beijing’s total. The region also is home to 71 Global Fortune 500-listed companies. There were 327 foreign financial firms in the region in 2018.