China’s cabinet has ordered temporary adjustment of state regulations in Beijing as the country’s capital opens its service sector wider to foreign investment.
The move came after the central government approved a pilot program in June to ease market access for foreign investment in Beijing in such areas as science and technology, culture and education, financial services, business and travel, and health and medical services.
A State Council document said authorities will adjust rules on administrative approvals and market access, including those on entertainment performances and venues, foreign-funded banks and foreign investment in civil aviation in Beijing.
The changed rules will allow foreign investors to set up firms operating performance venues with no ownership restrictions. Foreign investment will also be permitted in air transport service sales agencies.
China will push for nationwide implementation of a pre-establishment national treatment system as well as a negative list that determines where foreign participation is prohibited or limited, according to the Central Economic Work Conference, which concluded Wednesday.
The negative list will become shorter, while laws and regulations on foreign investment will be improved, and protection of intellectual property rights will be enhanced, said a statement released after the annual tone-setting conference.