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Policy

Beijing to open wider in service sector

August 16, 2019


Abstract : Beijing has unveiled a three-year action plan to further reform and expand the city's service industry, the municipal commerce bureau said Thursday.

BEIJING, Aug. 15 (Xinhua) -- Beijing has unveiled a three-year action plan to further reform and expand the city's service industry, the municipal commerce bureau said Thursday.

The plan came up with 190 specific measures to open wider in eight fields in the service sector, including science and technology, internet information, finance, education, cultural tourism, health care and professional services.

New measures will be taken in the professional service field to strengthen international cooperation of professional service organizations such as law firms.

By easing restrictions and allowing wider market access for overseas investors, Beijing has seen a growing number of new foreign businesses settled, including Toyota Financial Services and BMW's new subsidiary for digital solutions, said Yan Ligang, head of the bureau.

The city's actual use of foreign capital was 8.59 billion U.S. dollars in the first half of 2019, with 755 foreign-funded enterprises set up. The added value of the service industry made up 82.8 percent of the city's GDP.

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Keyword: beijing service sector

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