国内英语资讯:Xinhua Headlines: Beijing opens service sector wider to foreign capital_时事

国内英语资讯:Xinhua Headlines: Beijing opens service sector wider to foreign capital

In recent years, a growing number of foreign-funded firms have benefited from the pilot program to settle in Beijing. In 2018, the world's three major rating agencies -- Fitch Ratings, S&P Global and Moody's -- registered wholly-owned subsidiaries in the capital.

"The service industry has become more open, attractive and competitive," said Sun Yao, deputy director with the Beijing Municipal Commerce Bureau.

With the widening opening-up measures, Beijing's service sector has been contributing more to the capital's economic growth.

In 2018, the sector's value-added output accounted for 81 percent of local GDP, up 3.1 percentage points on 2017. Last year, Beijing's service trade grew about 10 percent year on year.

Building on the experience from the pilot program starting in 2017, Beijing is well-positioned to pursuit all-round opening up and high-quality economic development.

In January this year, the central government approved another three-year pilot program for Beijing to continue opening up its service sector wider to the world.

The capital should intensify efforts to streamline administration, delegate power to lower levels and improve regulation and services, seek to open the service sector wider, and create a sound business environment, the State Council said in a statement.

According to the pilot program, market access to the Beijing's service sector will be relaxed in fields including leasing and business services, information technology services and financial services.