Beijing to loosen restrictions on foreign investments

Beijing will open up its service industry in accordance with the decision made by the State Council earlier this month.

Shen Jinsheng, deputy director of Beijing Municipal Commission of Commerce, said during a news conference on Thursday that Beijing is going to implement the 10 steps the State Council recommended on opening up the industry from Dec 10 to next May.

The 10 measures require Beijing to further loosen its restriction on foreign investors entering such areas as human resource and recruitment, entertainment and broadcast, architecture, and commercial air transportation.

In the banking sector, new foreign institutions can apply for renminbi settlement business while seeking permission to set up an office in Beijing. In the past only foreign banks with at least one year’s experience of operating a business in China could apply for renminbi settlement business.

Lu Jian, deputy head of China Banking Regulatory Commission Beijing Office, said such steps will make Beijing more appealing to foreign banks.