SZ to pilot lifting foreign ownership limit in value-added telecom services

Now Shenzhen   |   April 23, 2024

CHINA will remove foreign ownership restrictions on some value-added telecom services provided in several domestic pilot areas including Shenzhen, according to a circular released by the Ministry of Industry and Information Technology yesterday.

The value-added telecom services will include internet data centers, content delivery networks and internet service providers, online data processing and transaction processing, information publishing platforms and information delivery services excluding services related to internet news information, online publishing, internet radio and television, internet culture management, and information protection and processing services.

The pilot areas are Beijing’s national comprehensive demonstration zone for expanding opening up in the service sector, Lingang new area of the China (Shanghai) Pilot Free Trade Zone and the pioneer area for socialist modernization in Shanghai, Hainan Free Trade Port, and Shenzhen pilot demonstration area of socialism with Chinese characteristics, according to the circular.

The move is China’s latest effort to expand opening up, align itself with high-standard international economic and trade rules, stimulate market competition and vitality of business entities, serve the building of a new development pattern, and share the development dividends of China’s digital economy with the world.

Vice Commerce Minister Guo Tingting said at the China Development Forum 2024 last month that China will further expand its high-level opening up, offering more opportunities for foreign investors.

As China continues to lift market access restrictions in the manufacturing sector, it will also promote the opening up of sectors such as telecommunications and medical care to create more trade and investment opportunities for foreign investors, said Guo.

The country will also launch a campaign to boost investment, continue to optimize services, and fully ensure national treatment for foreign-funded enterprises, Guo said.             (Xinhua)

ARTICLE FROM: Shenzhen Daily