China backs ‘around 170 measures’ to open up services sector in Beijing as capital outflows, sluggish recovery bite
- Measures aimed at aligning with ‘international high-standard economic and trade rules’, Chinese commerce vice-minister Ling Ji says
- Plan endorsed by State Council comes as China grapples with continued outflow of foreign capital and a less than stellar post-pandemic recovery.
The plan endorsed by the State Council, China’s cabinet, aims to deepen reforms in Beijing’s telecommunications, finance, healthcare, culture and professional finance services, with overseas investors given greater access to many industries.
The move comes three years after the city was chosen to host a pilot zone on opening up the services sector.
Beijing was selected because of its “strategic positioning as the capital city”, the council said in a statement published on its website on Thursday.
The new opening-up policy involves around 170 measures, and its key task would be to “align with international high-standard economic and trade rules,” China’s commerce vice-minister Ling Ji said.
The measures include lifting the cap on foreign investment for certain value-added telecoms services, such as internet access providers. New national internet exchange centres and further opening up value-added telecoms services might be considered at “an appropriate time”, the council said.