Beijing Unveils an Ambitious Economic and Digital Transformation Plan: The Chinese capital, Beijing, is preparing to reconfigure its economic terrain in 2024. Beijing, under the dynamic leadership of Mayor Yin Yong, is striving to achieve a substantial annual growth rate of 5 percent in its regional gross domestic product (GDP). Almost 4.4 trillion yuan was the city’s gross domestic product in 2023, representing a robust annual growth rate of 5.2 percent. The remarkable 42.9 percent contribution of the digital economy to the regional GDP highlights Beijing’s digital prowess.
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Development of the Digital Economy and Infrastructure
Beijing strengthened its digital infrastructure in 2023 through the construction of 30,000 additional 5G base stations, securing the top national position with 49 5G base stations per ten thousand inhabitants. In addition to making notable advancements in artificial intelligence (AI), the municipality has made available to the public twenty-four generative AI products. Almost half of China’s total AI products are comprised of this. In addition, Beijing has implemented a 160-square-kilometer high-level autonomous driving demonstration zone, which serves as a platform for the deployment and testing of 775 autonomous vehicles in eight distinct scenarios.
Consumer Stimulus to the Market
To transition from post-pandemic recovery to sustained expansion, Beijing is enhancing its consumption potential as part of its economic strategy. Beijing, designated as one of the five prototype cities for international consumption centers in China, intends to undertake various initiatives to encourage bulk and service consumption, revitalize conventional business districts, and establish international consumption experience zones. In 2023, the city experienced a substantial increase in market consumption, rising 10.2 percent annually. Specifically, total retail sales of consumer products amounted to 1.45 trillion yuan, reflecting 4.8 percent growth year-on-year.
Organizational Environment Optimization
In addition, Beijing intends to optimize its business climate through the implementation of comprehensive measures by 2024. The city wants to create a business environment of the highest caliber, one that emphasizes market orientation, adherence to legal principles, convenience, and globalization. Using integrated approaches, it intends to standardize procedures for administrative licensing matters, intensify reforms, and advance comprehensive supervision.
Ecological Advancement
Beijing has demonstrated significant advancements in ecological development alongside its economic and digital progress. Having attained a forest coverage rate of 44.9 percent, the municipality is now recognized as a “National Forest City.” Beijing established sixty new public parks and planted fifteen thousand-meter-tall trees (one thousand hectares) in 2023. The average PM2.5 concentration of 32 micrograms per cubic meter demonstrates that the municipality has consistently complied with national air quality standards.
Beijing’s comprehensive plan for 2024 reflects its commitment to economic development, digital transformation, consumer market stimulation, business environment optimization, and ecological progress. With its continued progress along this trajectory, Beijing will strengthen its standing as a preeminent global superpower in both economics and technology.
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