BUSINESS 10,000 foreign-funded companies settle in Beijing's CBD

BUSINESS

10,000 foreign-funded companies settle in Beijing's CBD

Xinhua

23:01, January 10, 2019

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Beijing's Central Business District (CBD). (File photo: VCG)

BEIJING, Jan. 10 (Xinhua) -- The number of foreign-funded companies in Beijing's Central Business District (CBD) has topped 10,000, sources with the CBD administrative committee said on Thursday.

Foreign-funded companies have become the major driver of the economic development of the area, located in Chaoyang District, said the unidentified sources.

A total of 157 Fortune 500 companies have opened offices in the area, with 53 of them setting up headquarters. Among all the foreign-invested enterprises, the headquarters have played the most important role in the development of the CBD, the sources said.

Headquarters of foreign companies, including Shell, Toyota Motors and Volkswagen, have contributed 14 percent of the 128 billion yuan ($18.8 billion) in total tax income in the area in the first 11 months of 2018.

Surrounded by foreign embassies, press and international organizations, Beijing's CBD has formed an all-round developing pattern, which coordinates global finance, high-end businesses as well as the media industry.

The drafting of a three-year action plan of Beijing CBD is now underway, aiming to attract more high-quality firms through reform and further opening of the service sector.

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