BEIJING (Reuters) – China published a plan on Friday to open the country’s service sector more, proposing to raise foreign actions ratio for App Store services.
China’s decision to attract more foreign investments in its booming services, when government officials are committed to taking steps to stimulate the consumption of services to support the economy in the midst of increasing business tensions with the United States.
The plan extends the list of cities included in a pilot program to open the service sector and presents tasks, in particular the promotion of the faster industrial application of artificial intelligence technology, according to the document published by the Ministry of Commerce.
China will also open up its value -added telecommunications services and its digital services related to foreign investors and make efforts to open the medical and health sectors, added the document.
The country will also allow financial institutions to extend the scope of their business, supporting multinational companies that invest or locate locally to carry out cross-border Centralized funds in Yuan and intensify the pilot program for the qualified foreign limited partner (QFLP) program, he said. The QFLP was launched in 2010 and allows foreign investors to invest in the country’s investment capital market thanks to a limited partnership structure.
China will also promote the participation of Chinese and foreign commercial banks and insurers in the trade in term contracts on Yuan Treasury obligations for risk management purposes.
(Report by Beijing Newsroom and Kevin Yao; edition by Kate Mayberry)
