Shanxi moves to enhance trade in services
North China's Shanxi province rolled out a bunch of measures on July 1 to boost the rapid growth of trade in services, according to a plan by the local provincial authority.
The plan regulates 10 supporting measures in nine key areas, including market access in the service sector, the promotion of financial cross-border service capabilities, the construction of data cross-border channels, cooperation with major service trade partners, and the establishment of international cooperation demonstration zones for trade in services.
Shanxi will support eligible local financial institutions to conduct cross-border financial business, and support qualified foreign banks and insurance companies to set up branches in Shanxi.
The province will establish specific international internet channels for key markets such as Japan, Europe and the United States, and provide fast and convenient channels for enterprises to carry out international business.
It will also deepen exchanges with member countries of the Regional Comprehensive Economic Partnership pact in trade in services, strengthen cooperation with Japan on information technology outsourcing, collaborate with Germany and Australia on research, design, environmental services, and technology, and forge more partnerships with Southeast Asia and Africa on construction services, agriculture, and traditional Chinese medicine.
In addition, Shanxi will give full play to existing foreign-related resources, integrate bonded services, international transportation, international conventions and exhibitions, and innovation resources, to establish international cooperation demonstration zones for trade in services.