Foreign firms boost growth in Beijing's Chaoyang district

Foreign companies are helping drive strong economic growth in Beijing's Chaoyang district, with GDP expanding by 5.1 percent in the first half of the year, said a senior official of the district in a media conference.

The district attracted more than 220 new foreign businesses in the first five months, up 25.7 percent year-on-year, the highest in the capital, and remains Beijing's top destination for international investment.

During this period, the district utilized $940 million in foreign capital, up 2.8 percent year-on-year and accounting for 38.8 percent in Beijing, the highest share in the city, data from the authorities showed.

"Internationalization is the most prominent feature and advantage of Chaoyang," said Nie Jieying, head of the district.

Chaoyang is home to nearly all foreign embassies in China, as well as 80 percent of its international organizations and chambers of commerce, 70 percent of its multinational corporations' regional headquarters, and 65 percent of its foreign financial institutions. The district is also home to 90 percent of Beijing's foreign media outlets.

"We've placed high emphasis on building Beijing into an international communication center, improving the international environment, promoting institutionalized openness, and actively creating a window to showcase China's high-level openness to the world," Nie said.

In addition, Chaoyang hosts over 50 percent of the city's international conferences and more than one-third of the city's international exhibitions annually.

We are establishing a benchmark zone for creating a world-class business environment, leveraging the strengths of the world's top three rating agencies, nine of the top 10 global law firms, eight of the top 10 consulting firms, and over 2,000 commercial human resource service providers in the district," she said.