(ECNS) - Authorities in Beijing have promised to create a more attractive investment environment and significantly relax market access.
Wang Hong, vice mayor of Beijing, said on Wednesday that the capital city will formulate policies to expand the financial industry's opening up and support the growing role of foreign financial institutions in Beijing's capital market.
At a briefing of the State Council Information Office, Wang said Beijing will speed up reform of the enterprise investment project commitment system and withdraw from the enterprise investment approval step by step, which is expected to cut red tape and improve the business environment.
Beijing will also take advantage of the opening up of the service industry and further develop itself into a high-level international metropolis.
The city has introduced a series of policies and measures to expand private investment, especially in the areas of municipal public utilities, energy conservation, environmental protection, and public services, said Wang, adding that an action plan approved in June will be released soon.
Beijing authorities will enhance efficiency, service, standards, and integrity through a number of initiatives from 2018 to 2020, particularly the heavy use of technology for smart governance. For example, Beijing will unify a city-wide social credibility information platform and a platform for business services and core projects.
