Investment & Trade

China’s capital to open up service sector wider

Updated: Sep 8, 2020 Print
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The State Council, in a circular issued on Sept 7, approved a plan for launching pilot programs and establishing demonstration zones in Beijing, as part of efforts to advance opening-up in the service sector.

The move aims to solidly frame policies for expanded opening-up in services, with an emphasis on trade and investment facilitation, and develop an international business environment backed by the rule of law and market principles by 2025, thus creating a leading model for a more open service industry across the country.

By 2030, its target is to open up the sector, ranking high in scale and global competitiveness, in a system aligned with established international economic and trade rules.

One main task set out in the plan is to deepen reform in key service-related areas. Among them are reforming technology and financial services, bolstering digital economy and trade, and improving services associated with commerce, tourism and healthcare.

More opening-up in other important areas, such as services related to internet networks and education, is also a focus.

The plan stressed integrating development between Beijing Capital International Airport and Beijing Daxing International Airport.

It highlighted the demonstrative role of key zones in further opening up the service sector. For instance, Zhongguancun, a demonstration zone for national independent innovation, can play a part in pooling together entrepreneurial investment. Future Science City and similar areas have the potential to help turn technological outcomes into drivers of innovation. With support from Beijing Financial Street and other financial technology areas, demonstration zones in the sector also can be developed.

For alignment with international systems, efforts should be made to enhance liberalization and facilitation of investment and trade, and improve financial and tax policies supporting the high-tech industry, according to the plan.

The plan also called for enhanced government supervision and services, better protection of intellectual property rights, and coordinated development of industrial and supply chains.

Smooth cross-border flow of capital, secure global transfer of data, easy access to working and living in China for foreign talent, and sufficient land and technological support are all necessary for opening-up of the service sector, the plan added.

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