The municipal government is encouraged to take bold measures to gain a more replicable experience for opening up the service sector and developing an open economy.

The new round of opening-up policy and widening market entry in the service sector has encouraged more foreign firms to invest in Beijing.

In March, Bank of Beijing said it planned to join hands with ING Bank N.V. to invest 3 billion yuan (447 million U.S. dollars) in setting up a banking joint venture, in which ING Bank would hold a 51 percent stake.

The joint venture will gain experience from ING Bank's direct banking service and take advantage of financial technology to build itself into a new digital banking brand.

Bank of Beijing said it would strive to make the joint venture a model in implementing China's major opening-up policies for the financial sector.

Similar efforts in major Chinese cities to relax market entry rules for foreign capital in the service sector have made the country an increasingly attractive destination for foreign investment.

In 2018, China advanced to a global ranking of 46 in terms of ease of doing business, up from 78 in 2017, according to a World Bank Group report.

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