China's National Bureau of Statistics shows that China's GDP will grow by 5.2% year-on-year in 2023. With the country open for business after prolonged COVID-19 restrictions, Beijing’s vibrant technology and startup ecosystem is rebounding. In early 2024, The People’s Bank of China began allowing banks to hold smaller cash reserves, cutting the reserve requirement ratio by 50 basis points and allowing the release of $139.8 billion in long-term capital to boost the economy.

Beijing’s strong support for SMEs is a recurring theme in the government’s 14th Five Year Plan (2021-2025). Plans include increased investment in technology innovation, development of local talent, attracting foreign experts, and enhancing intellectual property protection laws. In September 2023, Beijing city authorities announced the Ten Measures for Unicorns policy, which will support technology unicorns worth at least $1 billion by fast-tracking IPO applications, providing financing up to $13.8 million, and offering long-term and low-cost financial support through venture capital agreements. Beijing Zhongguancun International Incubator provides support to overseas students returning to China to start their own businesses and incubation services for tech-based entrepreneurial teams.

The 16th China Smart City Conference took place in October 2023. Venture Capital Summit 2024 was held in April. The International Conference on Information Network and Computer Communications took place a month later. Unicorn internet technology company ByteDance has raised $9.5 billion over 12 rounds. Aerospace company Galactic Energy Aerospace Technology raised a December 2023 $155 million Series C round. Electric vehicle company DeepWay has raised $170 million over two rounds, most recently in March 2023.