The mayor of Beijing exclaimed that the Chinese capital ranked as the top city in China with the best business development programs. The World Bank claimed that in 2019, Beijing experienced a healthy business environment. It was also revealed that Beijing would impose two new reforms to improve its business climate.
China's capital Beijing was reported to have made outstanding contributions to improve China's position as a country that makes it easier for foreign investors to do business. The World Bank has ranked Beijing as the number one city In China for its outstanding business efforts.
According to Beijing's major Chen Jining, the city has reduced the burden of businesses by 180 billion Chinese Yuan for 2019. He also mentioned the city's performance in a government work report at the Third Session of the 15th Beijing Municipal People's Congress. He indicated therein that Beijing has been recognized as one of the top 20 cities in the world that provides good opportunities for business starters.
The report showed that it is easier to get electricity and enforce contracts in Beijing. Furthermore, the mayor added that the city is set at developing its key areas such as digital trade and high-end professional services to maintain its ranking.
He also claimed Beijing would create new business models to make it easier for startup businesses to garner profits and promote Beijing's business environment to a higher level. It was also revealed that Beijing would open up its financial sector to global financial institutions to enhance foreign investments into the capital.
One of the key areas of the Beijing market that would be improved this year includes one-on-one services for key foreign-invested enterprises. The mayor claimed that this would aid multinationals to open regional headquarters in the region and attract investment companies and research and development centers in Beijing.
In other news, Nikkei reported that China's steel production market also experienced higher revenue yields. Initially, the nation's steel output experienced a decline in the first three quarters of 2019. However, its overall production levels have reached its highest level ever.
The report claimed that China has started eyeing the operational situations across the nation and seek to regulate new production investments by steelmakers. Beijing would also seek to prevent the oversupply in the steel industry, which could lead to a devastating slump.
Thus, by November of 2019, three Chinese governmental bodies overseeing the steel industry such as the National Development and Reform Commission have warned steel makers to minimize its production.
