Municipal effort revitalizes CBD

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Last updated at: (Beijing Time) Friday, October 10, 2003

Municipal effort revitalizes CBD

Additional government support and improved services should guarantee the rapid and sustainable development of Beijing's Central Business District (CBD).

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Additional government support and improved services should guarantee the rapid and sustainable development of Beijing's Central Business District (CBD).

Governmental officials, entrepreneurs and experts shared that view during the on-going 2003 Chaoyang International Business Festival which began yesterday and will run through October 12.

Vice-Mayor of Beijing Fan Boyuan said a series of preferential polices have been approved by the municipal government to attract more overseas financial entities to relocated in the business district.

According to Chen Gang, governor of the Chaoyang District, where the CBD is located, such policies will reduce operating costs for such companies. In addition, newcomers can take advantage of start-up funds valued at 10 million yuan (US$1.2 million) and a real estate subsidy specially allocated for financial institutions.

"Meanwhile, we will strengthen our communication with the overseas financial institutions and improve our services to give accurate, updated and complete information, along with streamlined and efficient administrative services," Chen said.

Also yesterday, the Beijing Financial Advisory Group --- composed by domestic and foreign bankers, entrepreneurs and experts --- formally gathered to begin offering opinions and presenting suggestions to the government.

In addition, the district will further upgrade its infrastructure and improve medical, education, entertainment, catering and consultancy services.

Sources from the organization's administrative committee revealed that, developed since 1993, the total number of the enterprises in the district is about 3,000 up till now, with 457 multinationals, 800 foreign representative offices, 150 foreign-funded banks, insurance companies and agencies, as well as almost 200 intermediary services.

C. Virginia Fields, president of the Manhattan Borough of New York, cited development of a Manhattan business district as an example and emphasized that the Chinese should "invest in the skills and education of their work force, seek better ways to manage energy, and develop their resources with environmental consciousness".

Petrina Tam, a taxation specialist for China with Price Waterhouse Coopers, said in the modern world, the "software" of a business district can seem more attractive than its hardware or infrastructure and land conditions, especially in investors'eyes.

"Such soft-side things, for example, the liberal outlook, education, medical and living standards, may outweigh common business factors," she said.

Tam noted that professional service organizations may play active roles in the development of business districts, and can be regarded as bridges between governments and enterprises.

"On the one hand, investors or companies in districts will need professional services at each stage of its life cycle from set-up to wind-up," said Tam.

"On the other hand, professional services organizations can help train management executives or act as advisers to the government for districts'development by identifying and consolidating concerns of investors."

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