Chaoyang a model for global trade, exchanges

District has been in the vanguard of reform and opening-up for more than 40 years

As one of China's most attractive global investment hubs, Chaoyang district in Beijing has been the epitome of the country's reform and opening-up over the past 40 years, forming an export-oriented development model in enhancing the capital's international trade and exchanges.

The district is home to most of the capital's international media organizations, foreign embassies, chambers of commerce, regional headquarters of multinational companies and foreign-funded financial institutions.

Chaoyang ranked first in Beijing's business environment assessment for two consecutive years.

As one of the first pilot zones for the expansion and opening-up of the service industry in Beijing, Chaoyang has constructed a multi-level system based on digitalization and networking, which provides a favorable environment for enterprises to meet international standards.

In 2019, the added value of the service industry in Chaoyang was 661.67 billion yuan ($100.86 billion).

Since the launch of a new round of pilot work for the opening-up of the service industry in 2019, Chaoyang has promoted the establishment of the regional headquarters of multinational companies, world-renowned business service providers, international organizations, and high-end think tanks.

A group of key rating agencies including Ebex, Moody's, Fitch and S&P have settled in Chaoyang.

The district has become one of the most transnational, diverse and inclusive international communities in China. It has a complete system of international schools and medical institutions that are integrated with transnational medical insurance.

Inclusive living facilities, diversified cultural consumption and eco-friendly urban environment have become new highlights of the district's international competitive advantages.

In the latest stage of economic development, Chaoyang will focus on the construction of a pilot free trade zone featuring technological innovation, the service industry and digital economy, and a national comprehensive demonstration zone for the expansion and opening-up of the service industry, the government said.

The district supports foreign investment in the establishment of training institutions on operational vocational skills. In the cultural sector, qualified foreign-funded enterprises are allowed to carry out the display, auction and trading business of cultural products and artworks globally.

Chaoyang is exploring the development of pilot projects to facilitate cross-border capital flows for multinational companies to integrate domestic and foreign currencies and supporting the establishment of domestic and overseas parallel funds and taking the lead in implementing a macro-prudential management model for external debt.

Chaoyang has created lots of influential business districts including the Beijing central business area, the Jinzhan International Cooperation Service Zone, the Olympic Functional Area, Zhongguancun Chaoyang Park and the National Cultural Industry Innovation Experimental Zone.

Zhongguancun Chaoyang Park focuses on information technology, medicine and healthcare, science and technology services, artificial intelligence and other high-tech industries.

The National Cultural Industry Innovation Experimental Zone is a test area for the innovation and development of the national cultural industry and a new focal point for the capital's cultural influence.

It specializes in cultural media and creative design and an industrial system supported by cultural trade.

Chaoyang has offered a series of favorable policies to attract talented people in the fields of finance, architectural design, planning, with the access restrictions for qualified professionals with overseas qualifications further relaxed.

In terms of supporting venture capital, eligible companies will be exempted from corporate income tax based on the proportion of individual shareholders held at the end of the year.

For high-tech enterprises above designated size engaged in the production and research and development of artificial intelligence, biomedicine and other fields, they can enjoy preferential tax breaks, according to the local regulations.