The Beijing Municipal Bureau of Statistics released data on Monday, highlighting the city's progress in the "five key initiatives" and demonstrating its commitment to high-quality development.

The five key initiatives were launched by Beijing to better fulfill its role as the national capital, include building the city into an international center of innovation; developing the "two zones," namely the Integrated National Demonstration Zone for Opening up the Services Sector and the China (Beijing) Pilot Free Trade Zone; turning Beijing into a global model city for the digital economy; stimulating and creating new demand through supply-side structural reform; and making greater headway in the coordinated development of the Beijing-Tianjin-Hebei region.

For the construction of an international center of innovation, Beijing has become home to 1,115 unicorn companies with a total valuation of US$594.9 billion as of the end of 2024, maintaining its leading position in both number and valuation nationwide. At the end of November 2024, the city had 301.1 invention patents per 10,000 people, maintaining its top rank nationwide with a year-on-year increase of 15.9%.

In regard to the development of the "two zones," Beijing continued to pursue high-level opening-up. From January to November 2024, the city saw 1,777 new foreign-funded enterprises, a year-on-year increase of 14%, 5 percentage points higher than the national average. 

The initiatives have boosted both the quality and efficiency of Beijing's economic development. The tertiary industry in Beijing accounts for over 80% of the economy, with the financial, information services, and technology services sectors collectively making up more than 50% of the industry. Meanwhile, the consumption structure continues to upgrade, with service-related consumption expenditures by residents exceeding half of total consumption. The total retail sales of consumer goods have surpassed 1 trillion yuan.

In addition, the Beijing-Tianjin-Hebei region has achieved further coordinated development. The region's GDP reached 7.9 trillion yuan in the first three quarters of 2024. The region has also accelerated the shared access to public services such as education, healthcare, and eldercare.

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