Stimulus package released to spur growth in Xicheng

The local government of Xicheng district, Beijing will take a series of measures to reduce the suffering of the local economy because of the COVID-19 pandemic and sustain high-quality development, according to a news briefing on Wednesday.

The action plan — a stimulus package of 23 concrete measures covering 5.1 billion yuan ($721 million)— is aimed at promoting consumption, expanding effective investment, and advancing the transformation of development patterns, among other goals.

It covers a wide range of sectors, such as retailing, catering, education, culture and sports.

“We should not only respond to the impact of the pandemic but also focus on high-quality development,” said Yu Huafeng, deputy head of the Xicheng district at the conference.

“We will closely integrate economic development with improving people's well-being,” added Yu.

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 space, and expansion of 5G coverage.

Around 714 million yuan will be set aside to help local enterprises with specific purposes of advancing R&D and innovation, and rewarding groups and individual talents.

Small and medium-sized enterprises will also 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.