Beijing's Chaoyang district to further open up service sector

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Chaoyang district in Beijing will further open up its service sector in 2019, according to officials at the district's ongoing annual legislative meeting. 

In 2018, the district loosened restrictions on foreign-funded investment companies, credit information companies, and credit rating agencies. As a result, Standard & Poor's (S&P), Moody's, and Fitch Group - three world leading credit rating agencies - set up sole proprietorships in the district. 

As of last October, Chaoyang housed nearly 10,000 foreign-invested enterprises, and attracted overseas investment totaling US$117 billion, with more than $60.1 billion already utilized, and virtually 100 percent of the capital ploughed into the service sector.

The district has been exploring distinctive opening-up measures, officials said, including abolishing the cap on the percentage of shares held by foreigners in performance brokerage institutes, a move that attracted Avex Group, the largest record label in Japan, to establish an outpost in the district. The district lowered the market barrier for foreign credit investigation companies, which allowed Experian to become the first officially approved foreign-funded credit investigation firm in Beijing.

Since the district began opening up the service sector three years ago, all the 135 major goals involved in six major areas of the pilot program were met ahead of the schedule, nurturing 17 new business models, 10 major breakthroughs in institutions and mechanisms, and 53 well-established demonstration projects.

In the first three quarters of 2018, the service sector in the district registered a total added value of 407.74 billion yuan (about US$60 billion), a 6.3 percent year-on-year growth, constituting a pillar industry for the local economy. 

At the same time, Chaoyang closely followed the guidance of streamlining administration, delegating power, strengthening regulation, and improving services. This year, a new site that covers 50,000 square meters for the local administrative service center is set to begin construction, and will facilitate all district-level administrative affairs and services for the public in a one-stop manner. In addition, a joint service hall of the industrial and commercial bureau and the tax bureau will open this year, which will greatly improve the efficiency of administrative approval and help to foster an efficient, well-regulated, transparent, and convenient service system. 

Additionally, the district made plans for 2019 to establish or improve 105 higher-end restaurants, grocery stores, and consumer service outlets. It also plans to build another 400 brand-name convenience stores in three years. A batch of innovative companies in this field will also be nurtured.

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