Beijing municipality will relax its market accession rules for foreign investment in travel, aircraft maintenance and performance brokerages, an official statement said Tuesday.
Rules and regulations will be adjusted from now until May 5, 2018, according to a statement released by the State Council, the country's cabinet. During the period, qualified travel agencies jointly invested by Chinese and foreign capital will be allowed to provide services to Chinese tourists traveling abroad and to Hong Kong and Macao special administrative regions.
Beijing lifted the previous restriction that Chinese capital must take a controlling stake in aircraft maintenance projects jointly invested with foreign capital, the statement said.
The city will also allow foreign capital to set up wholly-owned entertainment brokerage companies and provide services within the municipality. This May, the State Council approved a plan for Beijing to carry out a three-year pilot scheme to open its service industry wider to foreign investment.
The pilot program covers six service areas that are comparatively mature, including science and technology, Internet and information services, culture and education, business and travel, financial services, health and medical services.
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