Reforms boost service sector in Beijing's Chaoyang district

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A period of pilot reforms lasting two years to further open up the service sector in Beijing's Chaoyang district have fostered 17 new business models and 12 new mechanisms, according to the Beijing Chaoyang Municipal Commission of Commerce.

In 2017, the value added of Chaoyang's six major service industries totaled 308.2 billion yuan (US$48.2 billion), the commission said. A total of 135 tasks at the previous two rounds of reform have been completed ahead of schedule.

Chaoyang district was approved to be a pilot area of further opening up the service industry in May 2016, with reforms focusing on business services, technology and information services, financial services and other three areas. The district has made innovative achievements since the pilot reform began, according to authorities.

One of the models of success according to the district is the KGT mall, the bonded area that sells high-quality imports at affordable prices. The mall has over 1,000 kinds of overseas goods on offer, including cosmetic products, electronics, red wines, and so on. Half of the products are imported into China for the first time.

In the field of financial services, well-known financial institutions such as aiBank, Societe Generale and Gelin Dahua Futures have opened branches in Chaoyang district. By the end of the first quarter this year, the total number of financial institutions in the district has reached 1,583, including 324 foreign financial institutions, accounting for nearly 70 percent of the total in Beijing.

The district is currently considering a new round of reform, according to officials at the district commerce commission.

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