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Beijing has launched a new pilot program to further open up the service sector by easing restrictions on market access in key areas of the service sector and deepening the institutional reform, according to officials from the Beijing Municipal Commission of Commerce.

The briefing on Beijing’s comprehensive pilot program for further opening up the service sector is held in Beijing on Sept. 21, 2017. [Photo by Cui Can/China.org.cn]

The new program is aimed at attracting more foreign professionals and investors to join in the effort to build the capital into the national center of science, technology, culture and international exchange, the officials said.

In May 2015, the State Council approved a three-year pilot plan to open up Beijing’s service sector, highlighting reforms in major areas including services in industries like culture, science and technology, commerce, tourism, transportation, and finance.

Two years later, 90 percent of the 141 reform tasks determined in 2015 have been accomplished, which drove Beijing’s structural reform and industrial advancement, said Shen Jinsheng, deputy director of the Beijing Municipal Commission of Commerce, at a briefing on Beijing’s comprehensive pilot program for further opening up the service sector held on Sept. 21.

“In 2016, the service sector contributes to 80.3 percent of Beijing’s GDP, an increase of 2.4 percentage points compared to 2014,” Shen said.

This year, the city has launched new policies to make it easier for foreign companies to do business in China by easing restrictions on market access in key areas such as services for industries like science and technology, cultural and education, finance, tourism, and health care.

For example, in the field of cultural and educational services, foreign investors will be allowed to invest in audio-visual production in designated areas, and in the field of financial services, newly established or restructured foreign-funded banks and Chinese-foreign joint venture banks will be given RMB business licenses when applying to start operations.

Beijing will also deepen the institutional reform to create a favorable environment for foreign investors and professionals. The reforms are to improve investment and finance management systems, trade in services, investment regulation systems, as well as incentive mechanisms for foreign professionals.

According to officials from Beijing Administration for Industry and Commerce, foreign professionals -- especially in the science and technology industry -- will find it easier to apply for permanent resident permits. The processing time will be reduced by half, down from the previous 180 days to 90 days, even to 50 days for those working in the Zhongguancun Science Park. And for foreign investors, their entire business registration process could be done online, which simplifies the approval process and saves a lot of time.

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