Beijing will create new driving forces for foreign trade and utilize nearly US$13 billion overseas investment this year, according to Beijing Municipal Commission of Commerce.

Beijing will work to boost the growth of total consumption by 7 percent, of which total retail sales of consumer goods are expected to increase by over 5 percent and service consumption by 9 percent. US$160 billion of total export-import volume will be achieved in service sectors.

In 2016, foreign investment projects worth over US$10 million accounted for 91.6 percent of the actual foreign investment in Beijing, with the service industry accounting for 94.6 percent of the total. Beijing’s investment sources have been diversified. 2016 saw South Korea, Singapore, the United States and Germany invest more in Beijing.

This year Beijing will focus on cultivating a number of integrated service firms for foreign trade, promoting pillar industries in automobile, integrated circuits, monitors, biomedicine sectors, etc. to expand exports.

Beijing will also boost headquarters economy, vigorously foster local multinational companies and attract well-known multinational corporations to settle their regional headquarters, technologically innovation-based headquarters, center of research and development, marketing, procurement and accounting in Beijing.

Beijing vice mayor Cheng Hong said that the city will cultivate globally leading cross-border e-commerce clusters, rolling out exhibition fairs through overseas business parks and warehouses.

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