The city has also welcomed 736 newly founded high-tech foreign-invested firms. In particular, Beijing’s high-tech sectors had used US$9.66 billion of foreign investment, accounting for 68.5 percent of all the FDI in the municipality. For 10 years running, Beijing has held the top spot worldwide for the number of Fortune 500 headquarters, with more than 55 of these companies choosing China’s capital city to establish their office. Beijing thus serves as a key portal for China’s commercial and economic engagement with the world.īy the end of 2020, Beijing had registered over 45,000 foreign-invested businesses from more than 165 nations and regions. With a compound annual GDP growth rate of six percent between 20, Beijing has built an economic structure featuring high-grade, precision, and advanced industries, reaching a combined GDP of RMB 3.6 trillion (US$537.3 billion), close to the average level registered by developed countries. Utilization of foreign investment between 20 was US$82.98 billion, more than 12 percent of the total for the country. Foreign-invested businesses have made distinctive and significant contributions to the steady and quick economic growth of China and Beijing is no exemption. Since 2019, the Beijing Municipal Commerce Bureau has been publishing a ‘Beijing Foreign Investment Development Report’ on annual basis for the benefit of international investors. Income derived from the cultural industries, meanwhile, reportedly reached RMB 1 trillion (US$15 billion) in the same year.Ī key component of China’s fundamental national strategy of opening up to the outside world is luring international investment. Specifically, the added value of Beijing’s modern service industry – which includes financial, technology, information services, and other advanced services – contributed to around 60 percent of its GDP in 2021. Sector-wise, Beijing has highly-developed financial, service, R&D, cultural, and education industries. In 2021, Beijing’s tertiary industry, or service sector, accounted for over 80 percent of the city’s GDP, while the secondary industry, or manufacturing sector, accounted for most of the remaining 23 percent. The city is largely a post-industrial economy and has the biggest tertiary industry as a proportion of GDP among all Chinese cities. The city also boasts of the top two higher education institutions in China – Peking University and Tsinghua University. These three regions together form the Beijing-Tianjin-Hebei metropolitan region, also known as Jing-Jin-Ji, one of the three prioritized mega city clusters in China.Īs the second-largest first-tier city in terms of GDP, Beijing is home to the headquarters of most of China’s largest state-owned companies and houses the largest number of Fortune Global 500 companies in the country.
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