Beijing 'Two Zones' Development to Be Accelerated for Greater Openness
More comprehensive promotion of the development of the "Two Zones", namely the Integrated National Demonstration Zone for Opening up the Services Sector and the China (Beijing) Pilot Free Trade Zone, is an engine for Beijing's high-quality development in the new stage.
The core task of "Two Zones" development is institutional innovation. To this end, concentrated efforts will be launched for early pilot implementation of rules in line with international standards, greater openness in the service sector, and higher quality and efficiency of the free trade zone's development alongside breakthroughs in investment and trade facilitation, financial services, intellectual property rights and other important areas.
A series of institutional innovation and reforms will be advanced. In particular, land, talent and financial reforms will be deepened to enable freer market-driven flow and better combination of the three basic factors of land, manpower and capital, achieve greater efficiency and stimulate innovation.
On this basis, continuous institutional innovation in key areas such as commerce, science and technology, finance and the digital economy will push forward improvement in property rights protection, fair competition and other basic institutions of market economy.
With advanced international rules and practices as a benchmark, greater efforts will be made to break through bottlenecks in land supply, capital introduction, talent flow, technology progress, data integration and the allocation of other production factors, so as to maximize the market vitality.
As a crucial measure to increase market confidence and economic vitality, institutional innovation in business environment will instill confidence in foreign-funded enterprises and private enterprises, enabling the whole society to enjoy the fruits of high-level openness in the face of a world changed by the pandemic.
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