BEIJING, April 21 -- China is accelerating the opening-up of its services sector through measures such as fast-tracking the implementation of pilot projects, expanding related coverage, and enhancing stress testing and the replication of successful practices, according to the Ministry of Commerce on Monday.
Against the backdrop of rising unilateralism and protectionism globally, China's push to expand voluntary opening-up in an orderly manner represents its concrete efforts to inject more certainty and stability into the world, Ling Ji, vice minister of commerce and deputy China international trade representative, said at a press conference.
China's State Council has recently approved a plan that aims to expand comprehensive pilot programs to accelerate the services industry's opening-up, which includes 155 pilot tasks across key areas such as the opening of key services sectors and the promotion of industrial innovation and development, Ling said.
Specifically, pilot tasks include removing foreign ownership caps in services areas such as app stores and internet access within the telecommunication sector.
In the healthcare sector, pilot tasks include supporting foreign doctors in opening clinics in China, allowing overseas medical professionals to practice in the country on a short-term basis, encouraging the establishment of foreign-funded nursing schools, and permitting the creation of non-profit medical and elderly care institutions through donations.
In the financial sector, pilot tasks include supporting the development of international factoring services and attracting overseas insurance companies, sovereign funds, pension funds, certification and verification agencies, and environmental, social and governance (ESG) funds to provide financing, investment and technical services for green projects.
In the commerce, trade and cultural tourism sectors, foreign-invested travel agencies will be allowed to offer outbound tourism services, while the transportation sector will explore new multimodal transport models to support the export of new energy vehicles and power batteries, Ling said.
Since 2015, China has approved 11 provinces and cities, including Beijing and Hainan, to carry out pilot programs, continuously expanding institutional opening-up with regard to rules, regulations, management and standards. This is fostering a world-class business environment that is market-oriented, law-based and internationalized, and is providing foreign-invested enterprises in China with diverse application scenarios and a stable, open policy environment for investment and operations.
The newly released plan says that nine additional cities, including Ningbo and Xiamen, will be permitted to carry out comprehensive pilot programs.
Bai Ming, a researcher at the Chinese Academy of International Trade and Economic Cooperation, noted that the nine cities boast relatively high levels of openness in the services sector, as well as unique industrial characteristics, with some specializing in lifestyle services and others focusing on productive services, which will facilitate differentiated exploration.
The services sector is a key area for foreign investment in China. In the first quarter of the year, the actual use of foreign direct investment (FDI) in the services sector totaled 193.33 billion yuan (about 26.83 billion U.S. dollars), accounting for more than 70 percent of the country's total FDI, according to the latest data from the Ministry of Commerce.
In 2024, the 11 provinces and cities participating in the pilot programs attracted 293.2 billion yuan in FDI in the services sector, accounting for roughly half of the national total in that category.
