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“The sector’s growth has motivated us to drive through further reforms and restructuring, which will continue to inspire international confidence, he said.
As well as its success in attracting foreign capital, the city’s service sector has also made significant investment overseas.
During the first quarter, the direct investment to overseas countries and regions by Beijing’s service sector hit $4.1 billion, 1.6 times higher than the figure for the same period in 2015, accounting for one-10th of the nation’s total foreign investment.
Enterprises have benefited from the introduction of a range of new policies since the State Council’s decision to boost Beijing’s service industry.
“Under the decision, the city’s government has implemented 85 pivotal measures on an experimental basis, which have paved the way for solid growth,” Yan said.
The measures were introduced across a range of sectors, including high-tech, internet, culture, education, finance, tourism and healthcare, and there are plans to extend measures across more sectors.
The city has reduced red tape to speed up the business approval process and reformed its trade services.
For example, a foreign bonded zone where cultural products are sold was opened in Beijing last year, and it has facilitated fast and flexible product delivery.
In addition, third-party agencies have been authorized to facilitate cross-border renminbi transactions in the city.
