A total of 51 projects with a contract amount of 104.5 billion yuan ($14.39 billion) were signed across the Beijing-Tianjin-Hebei region at an event of the 2023 China International Fair for Trade in Services on Saturday.

The event, which was hosted by the Beijing Municipal Government and was under the theme "Investing in Beijing-Tianjin-Hebei for a New Future," aimed to leverage the unique advantages of CIFTIS and build a platform for investment attraction and cooperation among Beijing, Tianjin, and Hebei province while showcasing the prospects and opportunities for coordinated development in the region.

Yu Yingjie, deputy mayor of Beijing, said that as one of the most developed cities in China's service industry, with the highest degree of openness and the best business environment, Beijing would deepen the "streamlining of administration, delegating powers, and improving regulation and services" reform.

"We would fully implement the reform plan for the business environment, creating a market-oriented, rule-of-law-based, and international first-class business environment and would strengthen the protection of foreign investors' rights and interests and shape a more stable, fair, and predictable development environment," Yu said.

Deputy Mayor of Tianjin Li Wenhai said Tianjin would continue to focus on building a national advanced manufacturing R&D base, a core area for northern international shipping, a demonstration zone for financial innovation and operation, and a pilot zone for reform and opening-up.

Jin Hui, deputy governor of Hebei province, said the geographical advantages of Hebei would bring potential and opportunities for future development.

"Currently, the Xiong'an New Area has entered a stage of large-scale construction and undertaken some functions relocated from Beijing. With the implementation of policies, Hebei would more effectively gather resources," Jin added.

Data from local authorities showed that the Beijing-Tianjin-Hebei region made a collective announcement of 277 investment attraction projects to the global audience, with a total investment of 89.45 billion yuan.

The projects covered a wide range of areas including next-generation information technology, pharmaceuticals and health, intelligent manufacturing and equipment, technology services, artificial intelligence and green energy.