Beijing recently released an action plan centering on further promoting high-quality development. The plan outlines 27 major measures, broken down into 157 key tasks and 25 policies to be introduced. These efforts focus on deepening reform and improving efficiency through institutional and systemic innovation.

A priority is the coordinated development of the Beijing-Tianjin-Hebei region. Last year, five advanced manufacturing clusters in the region were recognized at the national level. This year, the focus is on tailored support for each cluster, with specific measures designed to support their growth.

In Beijing's neighboring Xiong'an New Area, efforts will focus on building innovation capacity. The goal is to support the incubation and commercialization of new technologies and products, and attract at least 60 high-growth companies to the Zhongguancun Science Park in Xiong'an. In Beijing's sub-center, the relocation of a second group of municipal state-owned enterprises will be initiated to strengthen industry development in the region.

Key areas within the city have also been pegged as new growth drivers. In western Beijing, development will focus on the left bank of the Yongding river and improving road connectivity, along with building a conference and exhibition area at the Shougang Park, the venue for the China International Fair for Trade in Services. In the southern Central Axis area, major projects like the National Natural History Museum of China and the Beijing Municipal Planning Exhibition Hall will be advanced.

While Beijing produces many scientific and technological achievements, turning them into real-world applications remains a challenge. This year, promoting the commercialization of research results is a top priority. The city will introduce policies to support venture capital and allocate at least 60 billion yuan (US$8.21 billion) in relending and rediscounting funds to boost technological innovation.

Talent is essential for business innovation. The city will support universities and companies in building integrated education and training bases. To help retain talent, Beijing will improve services and explore pilot projects for youth rental housing.

Beijing will also focus on unlocking the value of data. The city plans to release guidelines for developing and using public data and to speed up the building of dedicated zones in areas like autonomous driving, culture and tourism, healthcare, meteorology, and geospatial information. In addition, Beijing aims to build at least three national hubs for artificial intelligence application in the fields of healthcare, education, and manufacturing.

In 2024, the average per capita consumer spending in Beijing reached 49,700 yuan, ranking second in the country. This year, a special campaign will be launched to boost consumption by increasing supply of personalized and value-added services.

To further strengthen consumer capacity and confidence, the city will raise incomes for low- and middle-income groups, increase basic pensions for retirees, urban and rural residents, and raise government subsidies for healthcare insurance.

Support for private and micro and small enterprises also remains a priority. To address financing difficulties, Beijing will work with financial institutions to facilitate financing for these companies, and help them to connect with resources and tailored financial services.

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