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Beijing’s service sector has contributed to the bulk of the city’s utilized foreign investment , city officials said.
Statistics indicate that the sector absorbed $5.55 billion of foreign capital during the first quarter this year, accounting for 96.9 percent of the city’s utilized foreign investment and 22.7 percent of China’s total utilized foreign investment in the service sector during the period.
The rapid growth was spurred by the decision of the State Council in May 2015 to allow the city to further open up the sector, said Yan Ligang, director of Beijing Commission of Commerce.
“The China Beijing International Fair for Trade in Services, or the Beijing Fair, which opens on May 28, will showcase Beijing’s accelerated efforts to open up its service industries,” he said.
The fair is expected to attract many global visitors through its rising status and influence.
Statistics indicate that the rapid growth momentum from 2015 has continued into 2016.
Beijing’s service sector absorbed $12.3 billion from foreign companies in 2015, accounting for 94.8 percent of the city’s utilized foreign capital.
During the first quarter of 2016, export volume in the sector hit $130.2 billion, up 17.8 percent year-on-year.
The figure accounted for 29 percent of the city’s total foreign trade during the period, 13.7 percentage points higher than the average nationwide growth figure.
