A total of 1,777 foreign-invested companies were established in Beijing during the first 11 months of 2024, marking a 14% year-on-year increase, according to the municipal statistics bureau on Wednesday.

During the same period, the operating income of foreign-invested enterprises above designated size grew by 4.2% year on year, outpacing the growth of all other enterprises of that size in the city.

While foreign-invested enterprises accounted for less than 10% of all businesses in Beijing, they contributed more than 20% of the city's total operating income.

This growth can be attributed to the implementation of Beijing's regulation on foreign investment and various reform measures aimed at improving the business environment.

For example, the new negative list system for cross-border trade in services and the quick approval of innovative drugs have given Beijing companies effective strategies for expanding internationally.

From January to November last year, Beijing's total import and export volume reached 3.3 trillion yuan ($450 billion), accounting for 8.3% of the nation's total.

Ongoing efforts to expand market access have further underscored the contributions of foreign-invested enterprises to the city's economy. In 2024, more than 110 new foreign-funded research and development (R&D) centers across various fields, including medicine, health, information technology, and intelligent manufacturing, were recognized. This brought the total number of foreign-funded R&D centers to 221, effectively doubling the previous total.

From January to November, R&D expenditures at foreign-funded R&D centers above designated size increased by 13.1% year on year.