A total of 121 major foreign-funded research and development (R&D) centers in Beijing invested 13.77 billion yuan (about $1.92 billion) in R&D in the first eight months of 2024, up 29.9 percent year on year, local authorities said on November 28. 

The Chinese capital is currently home to 252 regional headquarters of multinational companies and 149 foreign-funded R&D centers, according to the municipal government. 

Li Yang, secretary-general of the Beijing Association of Enterprises with Foreign Investment, noted that major foreign firms are optimistic about China's long-term growth prospects and continue to regard the country as a preferred investment destination. 

To improve its business environment further, the Beijing municipal government has implemented more than 1,500 reform measures and updated its regulations on business environment optimization over the past few years. 

On July 1, Beijing's first special regulation on foreign investment took effect, highlighting the city's efforts to promote further opening up and boost its appeal to global investors.