China to further open its services sector
May 29, 2018 Category China News Round-up, Weekly
China will further open up its services sector by expanding a pilot program for innovative development of trade in services. The pilot program will be rolled out in 17 areas, including Beijing, Shanghai and Shenzhen, from this July 1 to June 30, 2020. A series of opening-up measures will be piloted covering telecommunications, tourism, engineering consulting, finance and legal services. Restrictions will be gradually lifted or eased, and customs clearance and visa arrangements will be streamlined for a freer flow of goods and people. “Developing services trade is instrumental in transforming China’s development model and achieving high-quality development. The services sector is still an area of weakness in our country’s overall development,” Premier Li Keqiang said.
According to the Ministry of Commerce, China’s trade in services totaled CNY4.7 trillion in 2017, up by 6.8% year-on-year. Exports of services increased by 10.6% to CNY1.54 trillion, while imports rose 5.1% to CNY3.16 trillion. Li emphasized: “Our tourism sector is falling woefully short at the moment. Efforts are needed to make the services at scenic spots and payment methods more overseas tourist-friendly. The possibility of two-way opening-up in emerging services should also be fully explored.” The Chinese government has decided that trade in services in such areas as R&D and design, inspection and testing, international settlement and exhibition will be expanded. Tax exemption policies will be made available for services exports and eligible exporters can enjoy zero tax rates. Exports of emerging services that are guided by the Internet Plus will be encouraged, the China Daily reports.
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