Beijing's wholesale market has dramatically evolved from a bustling center of vendors into a modern financial innovation hub, symbolizing the city's high-quality development and strategic urban planning.
Once a bustling wholesale market located in Xicheng District with over 11,000 vendors, the area was known for its congestion and logistical difficulties. In 2014, it began relocating vendors to make way for the development of a modern financial district.
According to management authorities, the most challenging issue during the large-scale relocation process was disputes over property rights.
Through a series of mergers, restructuring, and financing efforts, Xicheng District, once home to a bustling wholesale trade network, now boasts sleek office buildings filled with startups and financial enterprises. Despite an obvious reduction in its workforce - now just a quarter of what it was decade ago - the district's GDP has more than doubled.
A striking sculpture made from 1,000 hangers and 2,000 welding points now stands as a tribute to the vendors who once thrived here. Shaped like a mythological creature, this art work symbolizes both the district's past and its bright future as a hub for financial technology (fintech) and innovation.
Today, the area has become a magnet for tech startups and financial companies, offering rent discounts, tax incentives, and robust support for new projects. In 2021, Beijing Interstella Glory Space Technology, a commercial rocket company, established its headquarters here for the district's attractive business environment.
"In fact, the business environment is extremely important for companies. Additionally, for businesses that have plans for future listings, aspects such as specialized training and guidance for financing, as well as talent acquisition, are also crucial," said Cai Jingqi, a representative from the company.
To phase out non-essential industries and promote coordinated development across the Beijing-Tianjin-Hebei region, China's top economic planner introduced a three-year action plan recently, with 19 measures aimed at improving the business environment and supporting key sectors such as advanced manufacturing, cybersecurity, and financial services.
Beijing's wholesale market transforms into dynamic financial innovation hub
Sam Hou Fai, who was elected the sixth-term chief executive designate of China's Macao Special Administrative Region (SAR) on Oct. 13, has outlined his vision for Macao's future development, emphasizing that moderately diversified economic growth is a crucial priority for Macao.
Over the past 25 years since Macao's return to the motherland, the "one country, two systems" has been fully and accurately implemented in Macao and has achieved remarkable success, Sam said.
"President Xi has set out clear requirements for the future development of Macao, especially for the sixth-term SAR government, and me as chief executive. I am deeply honored by the trust that President Xi and the central government have placed in me. It is a glory in my life. The chief executive is a very important position, serving as the primary figure responsible for pursuing steady and sustained implementation of 'one country, two systems' in Macao. I will lead the various sectors of Macao and work closely with the key officials of our new SAR government, uniting our efforts to fully implement President Xi Jinping's important instructions for the future development of the SAR," he said.
"After 25 years of practice in Macao and 27 years in Hong Kong, it has been proven that the 'One Country, Two Systems' framework aligns with the systems and institutional arrangements of our country and the entire societies of Hong Kong and Macao. It is beneficial to advancing national reunification, security, and the country's modernization. Since Macao's return to the motherland, our society has made significant progress in various aspects including politics, economy, and culture. People in Macao have genuinely felt the rights and benefits that the return has brought to them, and this feeling is very strong. In the pursuit of building a strong nation and national rejuvenation, we must effectively leverage the advantages of 'One Country, Two Systems'. Our foremost priority should be to uphold and consolidate national sovereignty, security, and development interests, and to fully implement the principle of 'patriots administering Macao'. This principle is the highest commitment that we must steadfastly uphold within the framework of 'One Country, Two Systems'," he said.
Regarding the future development of Macao, Sam stressed the importance of moderately diversified economic development as it is critical for the long-term prosperity, stability, and the well-being of the people of Macao.
"President Xi has made multiple visits to Macao. I remember the moment when he looking out towards Hengqin from the Macao Tower. In 2009, the central government announced plans to develop Hengqin, with the goal of providing a spatial and institutional layout for the moderately diversified economic development of Macao. In 2019, President Xi further emphasized that the Macao SAR should integrate its actual circumstances to advance the moderately diversified economy of Macao. Moderately diversified economic development is not merely a subject for study but a clear question that must be answered," said Sam.
As the country advances towards high-level opening-up, Macao's role as a platform for trade and cooperation between China and Portuguese-speaking countries is becoming increasingly strengthened, said Sam.
"The Forum for Economic and Trade Cooperation between China and Portuguese-speaking Countries, launched in 2003, is the only economic and trade development forum where language acts as a key bond. With a well-functioning permanent secretariat, it has now established connections with nine Portuguese-speaking countries. Looking forward, the priority lies in further advancing the forum in terms of both depth and breadth. Moreover, it is essential to effectively implement the various plans outlined in the Action Plan for Economic and Trade Cooperation (2024-2027), which includes a total of 20 measures that require collaboration with national efforts and local implementation in Macao," said Sam.
Sam's tenure will start from Dec. 20.
Macao SAR's incoming chief executive stresses moderately diversified economic growth
