Beijing will open up four new service sectors to more foreign investment: broadcast and television, business management, legal services, and medical research and development.
In a joint press conference at the State Council Information Office on July 27, the Ministry of Commerce and Beijing municipal government introduced the working plan on intensifying efforts to promote the comprehensive pilot program for Beijing to further open up its service industry.
The four new service sectors to welcome foreign investors are part of a list of nine sectors given permission by the State Council since May 2015 to be opened up, which also include sectors such as air transportation, arts and culture, banking, and human resources.
On May 5, 2015, the State Council approved the comprehensive pilot program for the service industry reform. Over the past two years, the pilot program has reached 90 percent of its goals. On June 25, the State Council approved the working plan and provided instructions on intensifying efforts in the pilot program.
In addition to further opening up in the nine service sectors, the pilot program has listed 75 tasks to further reform the related institutions and mechanisms, such as by promoting reform and innovation in foreign investment management, trade facilitation, financial management, foreign expert incentive, market access, laws and regulation, spatial planning, and so on.
Among a total of 85 measures to intensify efforts in the pilot program, 68 measures are put forward to deepen the reform. By improving the efficiency of government administration and management services, these measures aim to create a more conducive environment for the companies.
Furthermore, the working plan put emphasis on collaboration between the regions of Beijing, Tianjin, and Hebei Province in opening up key sectors and industries, as well as the cross-regional development of emerging industries, aiming for a coordinated development of the Beijing-Tianjin-Hebei region, and the construction of Xiongan New Area.
Beijing will open up four new service sectors to more foreign investment: broadcast and television, business management, legal services, and medical research and development.
