Beijing steps up efforts of further opening up

Beijing received approval from the State Council in September to build a comprehensive demonstration zone for further opening up the service sector and a pilot free trade zone. Since then, it has completed 57 out of its planned 251 tasks (22.7%), officials from the Beijing Municipal Commerce Bureau said Wednesday.

The municipality set up China’s first green channel of biological reagents during the COVID-19 outbreak to accelerate their procurement from abroad. At the logistics center, around-the-clock customs inspection services are offered at an inspection site specifically for the reagents, cutting the purchasing time from six weeks to one.

Beijing has also explored the application of blockchain and electronic certificates in government services to improve its business environment. It ranked first across China in terms of overall business environment in the recent two years.

It has also offered easier access for foreign investment to enter its market. In the financial field, Beijing now allows foreign investment institutions to participate in pilot overseas investment by qualified domestic limited partners, and allows wholly foreign-owned enterprises to apply to be managers of private funds.

In the field of information services, it has removed the foreign shareholding limit of the information service business of application stores in specific areas.

In the field of business services, Beijing now allows multinational companies to establish wholly foreign-owned financial companies. In education, it is exploring ways to introduce foreign examination institutions and international textbooks for science and engineering subjects.

Beijing has become a popular destination in China for foreign financial institutions including the world-renowned MasterCard, S&P, Fitch Ratings, Oaktree Capital, and Prudential. To further facilitate foreign capital flow, it will explore pilot capital pool for multinational companies integrating domestic and foreign currencies, and support the establishment of parallel funds and exercise macro-prudential management for foreign debts.

Beijing will also improve its services to talents. It has established a one-stop service center for international talents in its central business district (CBD), offering all-round, whole-process, and high-quality services for CBD talents in making innovations, starting up companies, as well as work and life. The center has served over 180 people since its inauguration on Oct. 31.

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