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State Council approves plan to further open up Beijing’s service sector

Updated: Jul 11,2017 5:31 PM

The State Council has approved a program on further expanding Beijing’s service sector, according to its official reply to the program.

The plan is aimed at further expanding the comprehensive pilot program to open up Beijing’s service sector that was approved by the State Council in May 2015, exploring new models of opening up the service sector, and improving the development of the modern service industry and service trade in Beijing.

More efforts will be made to expand supply-side structural reform in the service sector to increase the quality and efficiency of service supply, and promote system innovation to build an internationalized law-based business environment, in a bid to promote the coordinated development of Beijing-Tianjin-Hebei and the Xiongan New Area, and provide replicable experience for opening up the service sector across the nation.

Major tasks and measures in market access, financial management, and business registration are listed in the plan.

New measures will be rolled out to relax market access for foreign investment in key areas of the service sector, including science and technology, culture and education, finance, tourism, and healthcare.

Customs clearance and inspection procedures will be streamlined, innovative policies on cross-border e-commerce will be adopted, and the “single window system” (meaning that all export and import procedures can be done at one stop) for international cargo trade will be promoted to further facilitate the service trade.

The financial management system will be improved by promoting the cross-border use of renminbi, expanding the reform of foreign exchange management system, encouraging diversified financial institutions to operate in Beijing, and support the development of new types of service trade.

Initiatives and social insurance for high-level foreign talent will be improved through measures such as reinforcing support for overseas talent in project application and financing service, optimizing the approval procedures for foreigners in starting technology businesses in Beijing, and launching multilingual and one-stop government and social service websites for foreign talent.

The supervision system and modes will be improved by strengthening risk prevention management, setting up a national platform for sharing credit information, and promoting the development of credit services.

The plan also stresses the coordinated development of key service industries in the Beijing-Tianjin-Hebei region.

The State Council asked Beijing’s municipal government to strengthen organization and guidance in implementing the plan to make breakthroughs in easing market access and accelerating system reform in the service sector.

The Ministry of Commerce will work with other departments to supervise and evaluate progress, and ensure reform and opening-up measures in the program are put into practice.