State Council Vows to Further Open up Core Fields in Beijing's Service Sector

Release time：2017.07.12

Recently, the State Council has approved in principle the Comprehensive Pilot Program on Deepening Reform and Further Opening up Beijing's Service Sector (the "Program"), according to its official reply to the Program.
The Program sets forth 28 major tasks and measures in ten aspects, including "keeping easing restrictions over the market access to key areas in the service sector". The Program clearly states that foreign investment will be allowed to enter the sales agency of air transportation, and qualification requirements for the foreign-invested construction engineering design enterprises will be relaxed; studies will be made to enable newly established or restructured wholly foreign-owned banks or Chinese-foreign joint venture banks to apply for the Renminbi business at the same time when filing the applications for starting business; clinical trials will be allowed in Beijing for eligible drugs that are researched and developed in a foreign country. Furthermore, the Program calls for expanding cross-border e-commerce Renminbi settlement business, allowing internet enterprises to conduct business concerning the centralized cross-border Renminbi receipt and payment under current account, supporting overseas central banks and international financial institutions to establish representative offices or branch offices in Beijing, and permitting eligible Beijing-based small and medium-sized banks to have their branch offices abroad.

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