China Approves Plan to Test Out a Less-Shackled Services Sector in Beijing
What’s New: The State Council, China’s cabinet, has approved a work plan (link in Chinese) for Beijing municipality to build itself into a demonstration zone to expand opening-up for the services sector, according to a document released on Monday.
The work plan aims to deepen the reform of technology services and push ahead the development of the digital economy, digital trade, financial services, internet information services, tourism and education services.
The plan also aims to promote foreign investment in services, such as supporting more foreign banks in their efforts to apply for fund custody licenses.
What’s the background: The plan highlights the country’s ongoing efforts to open up its financial system, including the services industry.
In late July, Chinese authorities released a draft catalogue of listed industries, specifying sectors eligible for preferential policies to encourage foreign investor participation, in order to give foreign investors wider access to the country’s manufacturing and services sectors.
In March, the State Council announced (link in Chinese) that it would promote further opening-up to stabilize foreign trade and investment, by implementing measures including expanding the catalogue of encouraged industries for foreign investment, as the world’s second-largest economy recovers from Covid-19.
Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full story in Chinese, click here.
Luo Meihan contributed to this report.
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