A view of Beijing Photo: VCG

China's State Council, the cabinet, on Thursday gave approval for Beijing to cancel the foreign equity limit in local telecom value-added services, in order to further promote the nation's services industry.

A work plan for Beijing to build a comprehensive demonstration area for opening up the nation's services sector was also approved by the State Council on Thursday. It comes amid plans to expand the market access for foreign investment in sectors including telecoms, healthcare, finance, cultural education and professional services.

Qualified foreign individuals will be allowed to operate securities investment and futures trade consultancy business in Beijing, and high-quality international exhibitions will also be held.

Beijing will sort and revise local regulatory rules that are not matched with the negative list for foreign investment. It will also maintain lower trade costs and barriers, optimize cross-border trade supervision services, and increase the mobility and convenience of cross-border funding.

The plans support qualified foreign doctors and doctors from the Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan island to set up clinics in Beijing. Urgently needed imported medicine and medical equipment will be specially approved via the green channel.

The plans encourage local enterprises to expand overseas, including exports of environment services and products.

Regulation and risk prevention were emphasized in the plans, including supervision of foreign investment, export controls, cyberspace, and imports of cultural products.

During the Annual Conference of Financial Street Forum 2023 held in Beijing in early November this year, Li Yunze, head of the National Financial Regulatory Administration, said that financial regulators will further improve the system of pre-establishment national treatment and widen market access for foreign investment.

"The financial system and policies will become more stable, predictable and transparent in order to build a prudent and fair institutional environment," said Li.

Global Times