The Beijing city government has issued a notice to further relax restrictions on foreign investment in six key sectors, including science and technology, Internet and information, cultural and educational, financial services, business and tourism services and health care.
The move came after President Xi Jinping offered trade concessions in his speech at Boao Forum for Asia last week. As the US-China trade tensions worsen, Xi indicated that China could lift limits of foreign investments in industries such as finance, automobile and aircraft.
As China’s capital and largest metropolis, such actions by the city’s government are seen as a bellwether for other cities across the nation.
Beijing will also allow foreign companies to invest in air transportation sales agencies, and audio visual production businesses in certain districts. Foreign investors are encouraged to invest in the tourism industry and participate in the construction of tourist attractions and facilities, the notice said.
Foreign investors are also encouraged to set up for-profit senior care institutions, medical centers, community care service centers, and professional nursing homes.
Beijing will improve social security and other services for overseas talents. The city will improve medical insurance and medical services for foreign talents. It also encourages companies to set up pensions for top overseas talents. It will allows foreigners to withdraw from their pension accounts when they return to their home countries.
To attract talents, Beijing now allows children of foreigners to enroll in nearby schools, and allows qualified foreigners to purchase houses and participate in the car plate allocation system. As the number of vehicles increase, citizens in Beijing need to go through a lottery system to apply for a car plate.