Recently, the State Council approved the "Plan of Beijing Municipality for the Comprehensive Pilot Program for Expanding Opening-up in the Service Industry through Deepening Reform", allowing service industry in Beijing to continue deepening reform and pushing forward comprehensive pilot program. At the same time, a new batch of measures was announced.
In May 2015, the State Council approved to implement a three-year comprehensive pilot program for expanding opening-up in service industry in Beijing. Over the past two years, the comprehensive pilot program has been serving the Beijing-Tianjin-Hebei collaborative development Strategy and the New System of Building an Open Economy. By focusing on reform and innovation, the program has been promoting the service industry in Beijing to be high-end, modern, agglomerated and internationalized at a faster pace.
According to the "Plan of Comprehensive Pilot Program of Expanding the Opening-up of Service Industry in Beijing through Deepening Reform", Beijing will roll out a new round of relevant measures.
In the field of science and technology services, foreign investment is allowed to enter the air transport sales agency industry, and the qualification requirements for foreign-invested construction engineering enterprises are relaxed.
In the field of culture and education services, foreign investors are allowed to invest in production of audio and video products in specific areas. In selected areas with a gathering of culture and entertainment industry, foreign investments are allowed in establishment of commercial performance firms and entertainment venues without restrictions on investment proportion.
In the field of financial services, new or restructured solely foreign-funded banks or Sino-foreign joint venture banks may apply for RMB business at the same time when they submit their applications for Commencement.
In the field of commercial and tourism services, threshold for foreign investment in investment companies and personnel agencies will be further lowered; and methods and mechanisms for closer cooperation between Chinese and foreign law firms as well as law firms in Hong Kong, Macao and Taiwan will be explored.
In the field of health and medical services, qualified drugs of foreign research and development will be allowed to use in clinical trials.
At the same time, Beijing will continue deepening the reform of overseas investment management system. On one hand, Beijing will continue to promote the overseas investment facilitation and support qualified enterprises to carry out real and compliant overseas investment activities. On the other hand, Beijing will promote the service industry to a higher level of foreign economic cooperation; try the method of investment-driven project contracting, cooperation between government capital and social capital and other ways to achieve the transformation and upgrading of foreign contracted projects and their extension to the international industry chain, bringing technology, products, equipment and services abroad.
The new measures will also focus on accelerating the facilitation of trade in services, promoting innovation in financial management system, improving the incentive and guarantee mechanism for high-level foreign talents and promoting the coordinated opening-up of key regions and key industries in Beijing-Tianjin-Hebei.
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