On October 24, the Beijing Development and Reform Commission held a press conference to discuss the economic situation. A representative from the Commission shared insights into the city’s economic outlook, highlighting that in the fourth quarter of this year, the city will pre-allocate 10 billion yuan for fixed asset investments in 2025. This move is recognized as a significant local policy aimed at increasing investment.
The representative noted that in the first three quarters, Beijing’s Gross Domestic Product reached 3.3 trillion yuan, marking a 5.1% increase year-on-year, which is 0.3 percentage points higher than the national average. The overall economic performance has remained stable and is showing positive progress. Looking ahead to the fourth quarter, with the implementation of national incremental policies, accelerated reform efforts, ongoing breakthroughs in technological innovation, and major projects in high-tech industries gaining momentum, there is a solid foundation and capability to boost economic recovery and meet the annual growth target.
In terms of advancing major project approvals, the fourth quarter will see Beijing proactively strategizing for 2024 across six key areas: the implementation of incremental policies, the realization of reform tasks, integrated development of education, technology, and talent, the establishment of a modern industrial system, the construction of a modern metropolitan area, and the enhancement of public welfare.
To solidify the implementation of incremental policies, Beijing plans to focus on accelerating the issuance of national bonds, particularly ultra-long-term bonds, to ensure timely financial support and increased project activity. The city aims to strategically plan for the “two重” (two heavy) and “两新” (two new) efforts, actively seeking early allocations of central budget investments and special bonds from the national government.
Furthermore, there will be a significant push to stimulate consumption as a means to expand effective demand. Efforts will be directed towards reform measures in key consumer sectors, accelerating the subsequent construction of Phase One and planning Phase Two and Three of the Universal Studios project, and introducing plans to advance high-quality development in the tourism sector. This includes optimizing dining services in cultural and tourism venues, launching innovative tourism formats and experiences, and improving transportation services to establish Beijing as a global tourism destination.
The representative emphasized the city’s intention to identify and prioritize major projects that are well-prepared and scheduled to commence in the first half of next year. The fourth quarter will be designated as a critical period for finalizing preliminary approvals, employing parallel reviews and joint approval processes to expedite progress. Projects that meet certain criteria will benefit from preemptive land-use policies, facilitating quicker readiness for construction and supporting investment in the first quarter of next year.
Additionally, to enhance the development of education, technology, and talent, Beijing plans to respond proactively to the peak in school-age population by optimizing the allocation and structure of educational resources and contemplating the expansion of municipal universities.
Beijing will continue to increase the supply of high-quality technological resources by bolstering organized research efforts in universities, supporting national laboratories in undertaking major projects, and advancing the completion of key facilities at the Huairou Comprehensive National Science Center. The city also aims to implement a five-year action plan for the transformation of scientific achievements and expand the coverage of the Young Scientist Program across local universities, creating a comprehensive service mechanism for engineers’ career development.
Moreover, Beijing is set to enhance efforts in building a modern capital metropolitan area. The city will refine collaborative development mechanisms, complete annual tasks for “relocating, organizing, and promoting improvements,” and ensure the operational readiness of various healthcare facilities. Policies supporting the Xiong’an New Area will be put into place, as well as commercial openings for major cultural facilities in the sub-center by the end of the year.
Lastly, the representative indicated plans to establish a facility alliance for the Beijing-Tianjin-Hebei region to expedite the construction of three bases for the new energy and smart connected vehicle parts industry. The city is also accelerating the development of spatial collaborative planning for the modern capital metropolitan area, along with a joint development plan for the “Two Parks and One River,” ensuring tailored strategies for each district in the Pingyuan New City area.
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