Economy > Trade

China to support its services trade with new policies

Xinhua Financein CFBOND
2019-01-09 09:23

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China will undergird its services trade with new policies, with major breakthroughs expected in the high-tech and healthcare sectors, said a report of Economic Information Daily on Tuesday.

China has completed the revision of five lists vital to its services trade and may soon publicize them to step up the opening-up of its services sector, said experts.

These five lists, the backbone of China's regulations on trade services, guide the import, export and outsourcing of services. Their revision had been completed by the end of last year, according to Xian Guoyi, head of the service trade department of China’s Ministry of Commerce (MOFCOM).

As China further opens ups its services market, the high-tech, healthcare and medicine sectors are on track to see major breakthroughs.

The revisions had focused on the new demand that had arisen with the advancement of digital technologies and services that had been in urgent need in China, according to experts involved in the revision process.

In terms of services import, research and design will enjoy enormous support and measures will be available to help related talents move around, said Li Jun, a MOFCOM research fellow.

In particular, multiple measures will be introduced to significantly cut the time needed for the research and development of novel medicine, such as faster customs clearance for related equipment, among others. Preferential tariff policies are also in the pipeline.

By 2020, China’s healthcare services market may reach 8 trillion yuan (1.17 trillion U.S. dollars), presenting substantial investment opportunities for investors at home and abroad, according to Chi Fulin, president of the China Institute for Reform and Development (CIRD).

Regarding services export, the five revised lists would cover new technologies and new business models, such as the digital economy, internet sector and outsourcing of certain services, according to Li.
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