Token, the fundamental computational unit for large language models, carries significant economic potential. In Beijing, world-class token factories will soon take shape, alongside improved evaluation and distribution systems. On September 18, the Beijing Municipal Bureau of Economy and Information Technology and the Beijing Municipal Commission of Development and Reform jointly released the "Beijing Action Plan for Accelerating the Development of the Token Economy (2026-2028)" — the city's first dedicated policy initiative for the token economy and the first provincial-level special policy issued nationwide. The municipal bureau projects that the entire token economy supply chain could exceed one trillion yuan during the 15th Five-Year Plan period.

Beijing will accelerate the construction of world-class token factories. Citing a growth of over a thousandfold in daily token call volumes in China within the past two years, the bureau noted that this surge presents both major industrial opportunities and requires fresh approaches to token production, circulation, and application, underscoring the urgent need for top-level design to systematically cultivate this new economic track. Leveraging Beijing's strengths, the plan prioritizes strengthening supply-side capacity by building world-class token factories. "The entire intelligent economy rests on data centers at its foundation, token factories in the middle, and a range of intelligent agent applications at the top," explained Zhang Jinrui, Director of the Digital Industry Division at the municipal bureau. Token production spans processes from electricity to computing power and from computing power to tokens. The "conversion of computing power into tokens" is a core competitive area for Beijing, which hosts numerous leading large model enterprises. Currently, more than half of China's token production is concentrated in Beijing, with a single enterprise like Doubao surpassing 180 trillion token calls. Zhang elaborated that Beijing will market-oriented dispatch computing resources from regions including Beijing, Tianjin, Hebei, and Inner Mongolia, creating a comprehensive, systematic project that covers power supply, computing power invocation, token production, distribution, and application. This will establish a token factory model integrating computing centers with model tuning, positioning Beijing as the nation's core high-quality token production hub.

To achieve these targets, the plan specifies the development of a tiered evaluation standard for token factories in Beijing, covering technical indicators such as model adaptation counts, token throughput speed, first-token latency, cache hit rate, and power usage effectiveness (PUE). It also calls for intensified research into foundational models to enhance model intelligence ceilings. Chen Guangming, Deputy Director of the Digital Industry Division, noted that token factory standards and evaluation systems are not yet unified, and issues of token idling remain prevalent. Establishing an evaluation framework will help filter high-quality tokens, curb idling, and promote the effective realization of token value. Furthermore, he stressed that beyond focusing solely on token consumption volume, greater attention must be paid to their intelligence level, hence the introduction of the "model intelligence ceiling" concept in the plan.

Beyond quantity, attention must also be paid to token quality. "Currently, token quality varies significantly; users accessing the same model through different channels can yield drastically different content quality," Chen observed. To address this bottleneck in token circulation, the plan pioneeries the establishment of a token quality evaluation system. In practice, it proposes supporting software enterprises in collaborating with third-party evaluation agencies to explore the construction of token testing platforms, fostering sustainable operational models through value-added services like intelligent model routing and evaluation consulting. "We hope the evaluation system will create market guidance," Chen added, noting that the government will not set token prices, as market-based pricing will remain dominant. Additionally, Beijing will build token distribution platforms and integrate them into new infrastructure layouts, forming efficient service gateways for the intelligent economy. Regarding future token distribution leaders, Zhang believes operators with traffic channel advantages, leading internet platforms, and top model enterprises are all potential participants in this race. Beijing will serve as a testing ground for the token industry. "The market is here, and the demand is here; we welcome various market entities to conduct business trials in Beijing," Zhang said.

A broader range of sectors may emerge as token consumption growth points. Looking ahead, the application scope of tokens will continue to expand, unlocking greater value potential. The plan encourages internet platforms and intelligent agent service providers to strengthen collaboration, promoting the scaled deployment of agents in fields such as information consulting, commercial services, and lifestyle services. "For instance, some internet platforms have launched their own Skills, and multiple AI assistants have already integrated them. Not every internet platform needs to build its own large model, but platforms can better combine their capabilities with intelligent agents for practical application, which may also be their next development direction," Chen said. The plan further aims to open intelligent agent application scenarios in key sectors like industrial manufacturing, scientific research, biomedicine, and education, cultivating a batch of representative benchmark projects and forming industry-specific token application services. "What's commonly discussed now is generic tokens; in the future, there may be industry-specific tokens," Chen explained. Currently, token consumption is growing fastest in areas like AIGC and programming, with more vertical industries likely to become potential growth areas for token spending. Beyond the domestic market, the plan also addresses international expansion, proposing enhancements to overseas token technical service capabilities, with a focus on providing token-related services to emerging markets including the Shanghai Cooperation Organization member states and Belt and Road initiative partners.