Country eyes more liberalized tertiary industry

China will further open up its services sector to foreign capital this year, while mulling rules and regulations to create a more level playing field, as the value-added industry becomes a powerful engine fueling the world's second-largest economy.

"Gearing up for the development of the services sector is a must for China to be able to ensure a stable economy and an expanding job market amid economic restructuring," said the country's Vice-Premier Wang Yang in a written address to the summit of the Third China (Beijing) International Fair for Trade in Services, or CIFTIS, on Wednesday.

Wang said China will slowly and steadily open up more fields in its services sector - initially in Shanghai's free trade zone, then expanding to the rest of the country - and take the initiative to be further integrate into global value chains.