Pilot Program to Accelerate Service Sector Opening-up
A view of Shenzhen Qianhai modern service industry cooperation zone. (PHOTO: XINHUA)
By CHEN Chunyou
A circular was released by the State Council in December 2022, to approve the launch of a three-year comprehensive pilot project to expand opening up the service sector in Shenyang, Nanjing, Hangzhou, Wuhan, Guangzhou and Chengdu.
The pilot program dates back to May 2015, when Beijing became the country's first pilot city for wider opening up in the service sector. In April 2021, Tianjin, Shanghai, Hainan and Chongqing were included in the pilot list.
The program aims to accelerate the development of the modern service sector, create new advantages in international cooperation, and expedite the construction of new development patterns.
The service sector in major developed countries accounts for about 75 percent of their GDP, while in China it accounts for 54 percent. China has subsequently intensified its efforts in opening up the service sector in recent years.
According to data released by the Ministry of Commerce, from January to November 2022, the amount of foreign investment actually utilized in China reached 1.156 trillion RMB. The service sector accounted for over 70 percent, indicating huge potential for further opening up.
Generally, the service sector offers intangible products such as information, professional and social assistance, healthcare, warehousing and transportation services.
The six cities are chosen because they have solid industrial foundations. They are expected to combine their resources and industrial advantages with the service sector, and establish more practices that can be replicated in accelerating the development of the modern industrial system, and the higher-level opening-up of the country.