Seven key fields were identified for Southwest China’s Chongqing Municipality to pioneering its development of the service industry, according to a press conference on July 29, 2021.
The first pilot in Western China incorporates trade corridors and economic zones. The comprehensive pilot program requires full integration to serve a new era of western development, which incorporates joint construction of the Belt and Road, Chengdu-Chongqing Economic Circle, and the development of the Yangtze River Economic Belt and New International Land-Sea Trade Corridor.
Key fields for deeper reform
Seven service industries to be highlighted are science and technology, commerce, education, health and medicine, finance, energy, and telecommunications. Government policies will offer sufficient financial backing in support of 86 pilot reform tasks, and the level of openness has been set high.
- Technology: Support will allow Chongqing to lead reform in the ownership of scientific and technological achievements, key infrastructure in science and technology, intellectual property financing, and patented insurance.
- Commerce: Well-known foreign arbitration institutions will be introduced, and companies operating in foreign credit investigation. Further avenues to introduce professional talent will be explored.
- Education: Cooperation in running Sino-foreign schools will be sought, international science and engineering textbooks will be introduced, and more international talent will be cultivated.
- Finance: Support will be provided for financial regulatory mechanisms, financial market development, the establishment of foreign financial institutions, green finance, and cross-border commercial medical insurance.
- Health: Breakthroughs will be sought to introduce medical institutions, foreign pension institutions, online medical services, and drug distribution.
- Energy: Private enterprises will receive support in power distribution and sales, while innovative models for online bidding will be explored.
- Telecommunications: The establishment of a website filing system meeting the needs of overseas customers will be supported.