Beijing deepens opening-up of service sector

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Beijing has been actively implementing a work plan to support the building of a national comprehensive demonstration zone for expanding opening-up in the service sector, as part of its efforts to attract foreign financial institutions and foreign professionals to invest or work in the city.

The establishment of BMW (China) Insurance Brokers Co. Ltd. in Beijing is a significant outcome in the financial sector as Beijing expands high-level financial opening-up. The city provided a "one-stop" service for the company to register for business in 2022, allowing it to complete all procedures in one place without having to visit different departments. During its application for the insurance brokerage business license in 2023, the company also received guidance and assistance from the local financial regulatory authorities.

Beijing has now allowed foreign investors to independently invest in profitable vocational skills training institutions in the city for the first time. Three foreign-funded enterprises, including Deloitte, have invested in schools in Beijing. To facilitate the application for school licenses, Beijing's human resources authorities have coordinated relevant departments to provide guidance and responded to their demands in a timely manner. Additionally, the approval time has been reduced from 90 days to on-the-spot handling.

Furthermore, Beijing has issued the Catalogue of Recognized Overseas Professional Qualifications in Beijing Municipality (Edition 3.0), expanding the number of overseas professional qualifications it recognizes to 122 items.

Those who hold overseas professional qualifications listed in the catalogue can enjoy convenient services in obtaining work permits, entry and exit, work residence permits, etc.

Since the implementation of the policy, the inspection platform for overseas professional qualifications has received nearly 370,000 visits, provided verification services for 931 domestic enterprises, and introduced and evaluated 192 professional professionals.

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