Beijing'S Pilot Financial Services Industry Opens Wider To The Outside World

Yesterday, the State Council issued the reply to the general plan for the comprehensive opening up of Beijing's service industry, which means that Beijing has become the first comprehensive pilot city for the service sector to open wider to the outside world.

The entry of foreign capital has a significant effect on stimulating the innovation vitality of local enterprises, especially service enterprises, and improving the overall development level of domestic service industry. In particular, opening up to the outside world in areas such as banking, finance and other key service industries can accelerate the improvement of the institutional mechanism of financial services entity economy, promote the optimal allocation of resources, and enhance the competitiveness of domestic financial enterprises.

The reply pointed out that we should give full play to the comparative advantages of Beijing's service industry and take the lead in promoting six key areas, namely, science and technology services, Internet + and information services, cultural and educational services, financial services, business and tourism services, and health care services.

The reply requires that after three years of pilot projects, we will work hard to form a new pattern of expanding the service industry in Beijing through the relaxation of market access, reforming the supervision mode and optimizing the market environment, and accumulating the experience that can be duplicated and promoted in the whole country.

In the field of financial services, we should support qualified private capital and foreign capital to enter the field of financial services, optimize the ownership structure of financial institutions, allow foreign financial institutions to set up foreign banks, private capital and foreign financial institutions jointly establish Sino foreign joint venture banks, allow foreign capital professional health insurance institutions to be established, and foreign shareholding ratio should not exceed 50%, and explore commercial insurance to participate in the construction of basic medical care and basic old-age service system.

We should improve the multi-level capital market system, encourage financial innovation, enrich the levels and varieties of financial markets, broaden the channels for direct financing of enterprises, and support Beijing.

Participating in the pilot project of securitization of credit assets, supporting the issuance of innovative capital tools and supplementary capital in Beijing commercial banks.

Promoting financial market extension to the world and sustainable business.

Under the premise of controllable, financial institutions with strong capabilities can conduct overseas business by setting up overseas branches, mergers and acquisitions and other channels, and timely guide securities and other financial institutions to conduct international business overseas.

In addition, the reply also indicated that support for foreign capital participation in domestic participation in the form of equity participation and mergers and acquisitions.

Transformation and reorganization will encourage investment entities to play their own advantages to invest abroad, support green investment, M & A investment, securities investment, joint investment and so on, and establish the status of enterprises and individuals to invest abroad, simplify the approval procedures for overseas investment, implement a management system based on filing system, facilitate cross-border investment and financing, encourage service enterprises to participate extensively in international M & A activities, and help enterprises expand financing channels and methods that are suitable for international market rules.

Data show that the proportion of the third industry in Beijing accounted for 77.9% of GDP last year, of which three sectors of finance, information technology and technology contributed the most, far higher than the national average of 48.2%.

Li Dawei, an Associate Research Fellow of the national development and Reform Commission's Foreign Economic Research Institute, said that Beijing, Shanghai and other big cities have become leading industries. After proposing the coordinated development strategy of Beijing, Tianjin and Hebei, Beijing will take the lead in opening up pilot projects, which is conducive to industrial upgrading, and facilitates the replication and promotion of its experience throughout the country.