Beijing Approved to Further Open up Service Sector

On November 18, 2023, the State Council issued the Work Plan for Beijing to Build Itself as a Comprehensive Demonstration Area for Deepening Reform and Expanding Opening-up in the Service Sector (the “Work Plan”), which also came into effect on November 18, 2023.

The Work Plan calls on Beijing to deepen reform and expand opening-up in key areas of the service sector, lift foreign ownership restrictions on value-added telecommunications services such as information and internet access services, explore equity incentives on personnel from foreign countries or Hong Kong, Macao and Taiwan region who are working at pharmaceutical R&D firms in the stem cells and gene fields, try to support insurance asset management companies to issue Renminbi-denominated asset management products of a rational scale abroad conditional on keeping accounts separately and isolating the risks, and allow foreign qualified individuals to engage in securities investment consulting and futures trading consulting businesses. The Work Plan also elaborates on digital economy, data resources, financial services, trade investment system and protection of intellectual property rights.