Beijing Municipality, Deregulation Measures for the Comprehensive Pilot Project for Increasing the Deregulation of the Service Industry

(2) The restriction that the Chinese party shall have a controlling interest in a foreign-invested aircraft maintenance and repair project is abolished.

(3) In selected specific areas where the culture and entertainment industry is concentrated, the establishment of wholly foreign-owned performance brokerages that provide services within Beijing Municipality is permitted.

(4) Subject to relevant regulations, foreign-funded financial institutions are permitted to establish foreign-funded banks, and private capital is permitted to establish Sino-foreign equity joint venture banks jointly with foreign-funded financial institutions.

(5) The establishment of foreign-invested dedicated health and medical insurance institutions (with the shareholding percentage of the foreign investors not exceeding 50%) is permitted.

(6) The establishment of foreign-invested credit reference companies is permitted (to be tried out first with Hong Kong and Macao service providers).

(7) Qualified Hong Kong and Macao professionals with China certified public accountant qualifications are permitted to serve as partners in accounting firms organised as partnerships.

(8) Where a Sino-foreign equity joint venture skilled personnel agency is established in Zhongguancun, the foreign joint venture party may hold up to 70% of the equity, and the minimum registered capital is reduced from US$300,000 to US$125,000.

(9) The conditions for establishing Sino-foreign equity and cooperative joint venture hospitals will be gradually relaxed and the examination and approval authority will be adjusted to facilitate submission by investors.

Related legislation: Implementing Rules on the Provisions for the Administration of Foreign-invested Construction Design Enterprises; Foreign Investment in Civil Aviation Provisions (Ccar-201); Foreign Investment Industrial Guidance Catalogue (Amended in 2015); PRC Regulations for the Administration of Foreign-invested Banks (2nd Revision); Implementing Opinions on Encouraging and Guiding the Entry of Private Capital into the Banking Sector; Regulations for the Administration of the Credit Information Collection Industry; Plan for the Localisation and Change of Form of Sino-foreign Cooperative Joint Venture Accounting Firms; and Tentative Measures for the Administration of Sino-foreign Equity and Cooperative Joint Medical Institutions