Beijing launched a blockbuster policy on March 31 designed to promote investment in cutting-edge industries, attract global hi-tech resources, and support the construction of the national integrated demonstration zone for greater openness in the services sector and the Pilot Free Trade Zone.

In terms of financial policies, foreign financial institutions will be supported as they participate in the pilot projects of RMB international investment, loan funding and foreign exchange management facilitation. Pilot projects for multinational companies to integrate domestic and foreign currencies will also be conducted.

As regards talent policy, a pilot program for real-time settlement between domestic hospitals and international insurance companies for medical expenses incurred by foreign talents will be implemented; and a pilot program for granting scientific research personnel ownership of scientific and technological achievements or long-term rights of use is underway.

A view of the Beijing Economic and Technological Development Area

The policy also includes abolition of restrictions on foreign ownership in passenger car manufacturing, encourages multinational companies to set up R&D centers, and allows foreigners to use foreign permanent residence ID cards to start and participate in domestic-funded companies.

In Xinchuang Park of the Economic and Technological Development Area, the headquarters of Qcubic, which has just entered the park, has specially reserved a quarter of available office space, and is preparing to establish a joint laboratory for collaborative research and development with upstream and downstream enterprises and universities. 

The in-memory database products developed by Qcubic have increased data processing capacity by a thousand times and been adopted by the three major operators.

"In the past few years, we have been working on product projects, and the coordination of the entire industry chain has been relatively slow in terms of vision and channels. Now we need to enter a ‘circle of friends’ in the Xinchuang industry," noted Luo Bin, chairman of Qcubic.

Not long ago, 32 projects in the Xinchuang industry sector entered the park, helping Beijing create a new ecosystem for independent development of the digital economy.