Beijing is reinforcing its position as a global hub for science and technology innovation, amplifying its appeal to international investors. At the Invest Beijing Conference, a significant event held alongside the 2024 Zhongguancun Forum (ZGC Forum), deals worth over 61 billion yuan (approximately $8.58 billion) were signed, covering 23 major projects across 11 industrial sectors.
The projects focus on science and technology initiatives that enhance people’s livelihoods, including carbon neutrality, medical health, and clean energy, accounting for 20.92 billion yuan of the total investment. Notably, the Zhongguancun Science City and the Malaysia MRANTI Science and Innovation Cooperation Platform were unveiled, marking a new chapter in cross-border collaboration.
“This collaboration highlights the deepening partnership between Malaysia and China, especially in the key areas of science, technology, and innovation,” said Chang Lih Kang, Malaysia’s minister of science, technology, and innovation. “We are eager to expand our cooperation in various fields, including digital economy, green economy, modern agriculture, and biomedicine. This reflects our shared interests and vibrant relationship.”
The conference also announced 231 investment projects in advanced and emerging industries such as information technology, intelligent manufacturing, integrated circuits, artificial intelligence, and green energy, valued at nearly 90.22 billion yuan.
Stephen Perry, president emeritus of Britain’s 48 Group Club, emphasized the transformative role of innovation at the ZGC Forum. “It is AI, big data, and the internet that have changed the face of human services and manufacturing,” he noted. “Some multinational companies are considering setting up their new divisions in China because they can develop products more efficiently.”
Irene Pivetti, president of the Italy-China Friendship Association, underscored Beijing’s continued attractiveness despite global challenges. “Beijing still remains attractive, even though the geopolitical situation is quite difficult,” she said. Pivetti highlighted China’s significant investment in high-tech development as a magnet for technology companies seeking innovation.
As a rising sci-tech innovation hub, Beijing boasts around 100 universities and over 1,000 scientific research institutions. The city is home to approximately 28,200 high-tech enterprises, with 114 unicorn companies recorded by the end of last year.
Driven by scientific and technological innovation, Beijing has become fertile ground for foreign investment. According to data from the Beijing Municipal Bureau of Statistics and the National Bureau of Statistics, the actual utilized foreign direct investment reached $13.71 billion in 2023, with $5.81 billion invested in scientific research and technical services, accounting for 42.4 percent of the total.
“It can be seen that scientific and technological innovation has become Beijing’s advantage in attracting foreign investment and has played an important leading role,” said Jane Yang, managing partner of Ernst & Young’s Beijing Office. “Beijing, at the forefront of cultivating new quality productive forces, will bring broad opportunities for global capital in sci-tech innovation cooperation, investment in emerging high-tech and sophisticated industries, participation in major sci-tech projects, and transformation of scientific and technological achievements.”
Yang added that Beijing is accelerating the exploration of new ways for the capital market to enable the development of sci-tech innovation. “This will provide more diversified investment channels and opportunities for global capital,” she said.
Pivetti concluded by encouraging more promotion of investment opportunities in China, particularly in its capital. “China should do more promotion about the opportunities to invest in China, in particular in its capital,” she said, noting that Beijing represents great expectations for future development.
Reference(s):
Beijing remains global sci-tech capital magnet with innovations
cgtn.com
