MNI BRIEF: China Should Open Further To Boost Service Trade

China should boost trade in services by matching international high-standard rules and expanding the opening up of the service industry, said Wang Yiming, vice chairman of China Center for International Economic Exchanges during the China International Fair For Trade In Services in Beijing on Thursday.

The service industry will be one of the main drivers of economic growth during the 15th Five-Year Plan period (2026-2030), said Wang. (See MNI: China To Bolster Service Consumption With Greater Supply)

For the financial sector, it will be necessary to facilitate cross-border capital flows under the capital account, in particular exploring capital account convertibility in Pudong, Shanghai, as well as expanding the scope of investable financial products for the return of overseas yuan, said Wang.

Authorities should also relax access restrictions in telecommunications, Internet, education, culture, and medical care and reduce or eliminate shareholding restrictions on foreign investment in services and allow foreign investors to establish wholly-owned enterprises in more areas, Wang noted.