China's State Council Information Office announced a landmark work plan to accelerate the comprehensive pilot program for expanding the service sector's opening-up during a press conference on April 21. The initiative aims to deepen international cooperation and enhance economic competitiveness, signaling a new phase in the country's reform efforts.
Vice Minister of Commerce Ling Ji, alongside officials from the Ministry of Industry and Information Technology (MIIT), the National Health Commission, and the People’s Bank of China (PBOC), outlined the plan's priorities. These include streamlining regulations, fostering innovation in digital trade and healthcare, and attracting overseas investment to high-value industries such as finance, R&D, and education.
Ling emphasized that the reforms will 'create a more level playing field for global enterprises while promoting cross-border collaboration.' Key measures include simplified licensing procedures, expanded market access in technology-driven sectors, and incentives for multinational corporations to establish regional headquarters in the Chinese mainland.
Representatives from the MIIT highlighted plans to integrate advanced technologies like AI and blockchain into service industries, while health officials underscored initiatives to modernize elderly care and telemedicine infrastructure. The PBOC also reaffirmed support for financial liberalization, including relaxed capital controls for foreign investors.
Analysts predict the pilot program will drive growth in China's tertiary sector, which accounts for over 50% of GDP. The reforms align with broader macroeconomic goals under the 14th Five-Year Plan, positioning China as a key player in shaping global service trade standards.
