A total of 495 foreign-funded firms specialized in the service sector were established in Beijing from January to May, accounting for 97.8% of the newly established foreign-funded firms in the Chinese capital, according to the data from the Beijing Municipal Commerce Bureau.

In the same period, the actually utilized foreign capital was US$5.12 billion in Beijing's service sector, accounting for 99.1% of the city's total; the utilization of foreign capital in the field of internet information rose significantly, accounting for 46.2% of the city's total, with a year-on-year increase of 33%, the data showed.

Fueled by favorable policies, the development environment and the opening up of Beijing's service industry has continued to improve and has maintained positive momentum.

Immunotech Biopharm based in Beijing went public on the Stock Exchange of Hong Kong on Friday, becoming the first cell therapy enterprise listed on Hong Kong stock market.

Chairman of Immunotech Biopharm Tan Zheng attrubuted the growth of the company to the policies and support of the Beijing government.

As a company involved in the pilot program to expand the opening up of Beijing's service industry, Immunotech Biopharm enjoys supporting policies concerning land, fixed assets investment, the transformation of scientific and technological achievement, and services.

Beijing's service sector has added 227 new pilot programs since this year to expand the opening-up of Beijing's service industry. For example, Fitch (China) Bohua obtained the second license after S&P to enter China's credit rating market; Credit Agricole, Bridgewater Associates and other 18 foreign-funded institutions were allowed to participate in an overseas investment pilot scheme called the Qualified Domestic Limited Partners (QDLP); Wangfujing Group was granted a tax-free product business license.

The official of the Beijing Municipal Commerce Bureau said, 94.4% of the 177 tasks set out in the three-year pilot program for the expansion of Beijing's service industry approved by the State Council have been completed, and 73.3% of the annual tasks of the three-year action plan for opening up and reform in eight key areas have been completed. A number of trial methods have been implemented in Beijing, such as launching the QDLP scheme, expanding the business mode of duty-free products, extending the temporary import period of R&D test vehicles, taking the lead in carrying out the pilot project of cross-provincial medical device registrant system in China, and linking up bonded and tax-free pilot projects.

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