The 14th Five-Year Plan for the Development of Modern Service Industry in Beijing was officially released recently.

According to the plan, Beijing will promote the high-quality development of the modern service industry during the 14th Five-Year Plan period (2021-2025). With the development of the Integrated National Demonstration Zone for Opening up the Services Sector and the China (Beijing) Pilot Free Trade Zone (the "Two Zones" for short), a major task given to Beijing by the CPC Central Committee, as the focus, the plan emphasizes the implementation of relevant measures. In addition, it takes the initiative in integrating itself into the national opening up strategy, dovetails with new international concepts and regulations, establishes an opening up system that is in line with international practice and promotes a higher level of reform and opening up to enhance the domestic and international popularity of services.

Focusing on the development of the "Two Zones", Beijing will implement seven upgrading actions and six supporting projects. The seven upgrading actions involve finance, information services, science and technology services, cultural industry, business services, circulation services, and life services. The six supporting projects include human resources gathering, business activity integration, openness and cooperation, reform and vitality release, quality and efficiency enhancement of functional areas, and "Beijing Service" brand building.

During the 14th Five-Year Plan period, Beijing will also implement key initiatives such as cultivating high-end leading talents, accelerating the pilot integration of advanced manufacturing and modern service industries, facilitating the creation of service standards in key areas, and building an index system for the development of Beijing's modern service industry. It will strengthen the main position of the market in resource allocation, better play the leading role of the government, fully release reform and policy benefits, stimulate the vitality of market players, and cultivate a world-class environment for the development of the modern service industry.

The plan states that by 2025, the added value of Beijing's modern service industry will account for approximately 70% of the GRDP, and the scale of trade in services will exceed CNY 1.3 trillion. The average annual growth rate of the added value of the digital economy will be about 7.5%. Beijing will foster the formation of three to five mega emerging service clusters in the fields of artificial intelligence, blockchain, green finance, etc.