Lingang New Area of Shanghai Free Trade Zone Photo: VCG

China on Friday released its first nationwide negative lists for cross-border services trade, containing 71 items in 11 sectors as part of the country's efforts to open up, according to China's Ministry of Commerce (MOFCOM).

Its version for China's free trade zones (FTZs) offered more access in certain areas. Both lists will take effect from April 21.

China's implementation of a negative list for cross-border services trade nationwide is a significant step toward aligning with international high-standard economic and trade rules. The proactive opening-up measures applied to the FTZs demonstrate China's unwavering commitment to further opening-up, an official with MOFCOM said.

Both negative lists address cross-border services trade in 11 sectors, including information technology services, finance, scientific research, and culture. The national version has a total of 71 items, while the FTZ version has 68.

The FTZ version includes more opening measures for achieving professional qualifications, customs clearance services, and for carrying out financial services and cultural exchanges.

For example, the list further removes restrictions on foreign nationals related to six occupations within the FTZs.

In the financial sector, the list allows qualified foreign individuals to open trading accounts for securities and futures, as well as to engage in securities consultancy, in order to further encourage them to participate in China's capital market.

The new list has also removed restrictions on foreign businesses providing customs clearance services in FTZs. This means they can offer the services to entities within the FTZs without needing to set up a legal entity in China.

Additionally, the list lowers the required ratio of Chinese workers in joint TV productions, making it easier for international cooperation in the radio and television industry.

China's first negative list for cross-border trade in services took effect in South China's Hainan Province in August 2021 and has since promoted growth of services trade in the province.

In 2023, service imports and exports in Hainan Province increased by 29.6 percent year-on-year, offering a practical foundation for expansion of the negative list management system.

The new negative lists come after China recently issued a 24-point guideline to attract foreign investment, with the nation pledging more efforts to facilitate the operation of foreign businesses in China.

Global Times