Beijing is turning up the heat in the global tech scene! 🔥 The Chinese capital is pulling out all the stops to maintain its magnetism for global investors by championing sci-tech innovation.
At the Invest Beijing Conference—a highlight of the ongoing 2024 Zhongguancun Forum (ZGC Forum) running from April 25 to 29—deals worth over 61 billion yuan (about $8.58 billion) covering 23 major projects were signed. 🌐 Known as \"China's Silicon Valley,\" Zhongguancun is buzzing with energy as new partnerships take shape.
These projects span 11 industries, with a whopping 20.92 billion yuan directed towards science and technology initiatives that impact people's lives, such as carbon neutrality, medical health, and clean energy. 💡♻️
One standout moment was the unveiling of the Zhongguancun Science City and Malaysia MRANTI Science and Innovation Cooperation Platform. This collaboration paves the way for joint efforts in park construction, innovation ecosystems, and incubating sci-tech enterprises.
\"This partnership highlights the deepening ties between Malaysia and China, especially in science, technology, and innovation,\" said Chang Lih Kang, Malaysia's Minister of Science, Technology, and Innovation. \"We're eager to expand our cooperation in digital economy, green economy, modern agriculture, and biomedicine.\" 🇲🇾🇨🇳
But that's not all! The conference announced a total of 231 investment projects in advanced and emerging industries, including information technology, intelligent manufacturing, integrated circuits, artificial intelligence (AI), and green energy, totaling nearly 90.22 billion yuan. 🚀
Stephen Perry, President Emeritus of Britain's 48 Group Club, shared his insights: \"AI, big data, and the internet are transforming human services and manufacturing.\" He noted that multinational companies are eyeing China to develop products more efficiently.
\"Beijing remains attractive, even though the geopolitical situation is quite challenging,\" said Irene Pivetti, President of the Italy-China Friendship Association. \"China's significant investment in high-tech development draws technology companies to collaborate. What's attractive is the innovation.\" 🇮🇹
Beijing's credentials as a rising sci-tech innovation hub are impressive. With around 100 colleges and universities, over 1,000 scientific research institutions, and about 28,200 high-tech enterprises—including 114 unicorn companies as of last year—the city is a hotspot for innovation. 🦄🎓
Fueled by sci-tech innovation, Beijing has become fertile ground for foreign investment. In 2023, actual utilized foreign direct investment reached $13.71 billion, with $5.81 billion in scientific research and technical services, making up 42.4% of the total. 📈
Last year, 1,729 foreign-funded enterprises were established in Beijing, up 22.8% from the previous year. The city is also home to 107 foreign R&D centers and 244 regional headquarters of multinational corporations.
\"Science and technology innovation has become Beijing's advantage in attracting foreign investment,\" said Jane Yang, Managing Partner of Ernst & Young Beijing Office. \"Beijing, at the forefront of cultivating new quality productive forces, offers vast opportunities for global capital in sci-tech innovation cooperation, investment in emerging high-tech industries, and transformation of sci-tech achievements.\"
Beijing is also accelerating the exploration of new ways for the capital market to support sci-tech development, creating a vibrant ecosystem where capital and innovation interact seamlessly. This means more diverse investment channels and opportunities for global investors! 💼🌟
\"China should do more to promote the opportunities to invest here, especially in its capital,\" Pivetti added. \"Beijing represents great expectations for future development.\"
With its dynamic tech scene and open arms to global collaboration, Beijing is set to keep shining on the world stage. Stay tuned for more innovations rocking the globe! 🌐✨
Reference(s):
Beijing remains global sci-tech capital magnet with innovations
cgtn.com
