MIL-OSI China: Beijing benefits from opening up in service sector

By   /  August 10, 2018  /  Comments Off on MIL-OSI China: Beijing benefits from opening up in service sector

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Source: China State Council Information Office 2

Beijing is benefiting from further opening up in the service sector after a three-year pilot reform program, the first of its kind across China.

After two rounds of reform since 2015, the Chinese capital’s actual use of foreign capital climbed to the first in the country in 2017. In the same year, over 80 percent of the city’s GDP growth came from the added value of the service sector, and the city’s value of trade in service accounted for 20 percent of the country’s total, according to official figures.

As Beijing relaxes foreign investment restrictions and increases market access, more foreign companies in various fields have founded operations in Beijing, bringing advanced expertise and management skills as well as diversifying the country’s businesses and culture.

In the first half of this year, the actual use of foreign capital in Beijing increased by 6.2 percent year-on-year, completing 78.7 percent of its annual target in this regard.

While opening up, an increasing number of advanced products and services from Beijing are also introduced globally. According to figures released by Beijing Customs, the city’s total trade in goods reached 1.3 trillion yuan (US$190.11 billion) in the first half of the year, up by 20.7 percent year-on-year, including an 18.9 percent increase in imports and 29.2 percent increase in exports.

At the same time, more world-leading foreign-funded companies like Apple, Tesla, Moody, Standard & Poor’s, and Daimler have established offices or research centers in Beijing, providing a new driving force for the city’s high-quality growth.

To attract global talents, Beijing has also issued dozens of reform measures to relax border exit and entry control and made it easier for foreigners to obtain the Chinese green cards. Since 2015, Beijing has granted 1,800 permanent residence permits to foreign talents, more than the last decade’s total.

The city is mulling a new round of opening up in the service industry and working to create a more pro-business environment, according to officials from a special working group on opening up the service sector.

MIL OSI China News

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