(Yicai Global) Aug. 14 -- Shanghai has minted more standards to loosen the conditions for and ease restrictions on foreign capital's entry into services and over foreign-funded companies' business development in the sector in a policy document the city government issued today.

The circular consists of seven articles and 40 sections. A sampling of eight shows these respectively relax the application requirements for foreign funds to set up investment firms in the world's largest city, allow the separate establishment of performance brokerages solely funded by foreign capital, permit wholly foreign-owned travel agencies to pilot outbound travel targeting Chinese, let foreign firms produce audio-video products and auction artworks off in bonded areas of China (Shanghai) Pilot Free-Trade Zone, greenlight overseas companies investment in human stem cells, and consent to their provision of genetic diagnosis and therapy.

Six items that aim to improve opening up of cross-border services address setting up and improving the medical treatment management system, helping outbound and inbound duty-free stores located in Shanghai Cruise Port to expand the category of goods and the scale of their operations, enhancing support for shopping tax rebates for overseas travelers, pushing the city to host internationally-influential sports games and piloting a program that will allow foreign institutions to independently hold economic and technological exhibitions in specific exhibition halls.

Five items seek to build a facilitative service system for open trade relate to streamlining procedures for licensing used car and cross-border e-commerce retail exports, supporting measures for inbound and outbound trades of exhibits from the first China International Import Expo, exploring electronic supervision of container yards and advancing the development and promotion of insurance products for haulage of containers.

Four policies provide for piloting a digital trade promotion platform, enhancing efforts to protect intellectual property transferred to China by multinationals, optimizing the capacity to service international telecommunications, and supporting innovative sectors.

Other measures target opening up of Shanghai's shipping and aviation sectors, improving the city's modern shipping services sector's overseas influence, accelerating the opening of the local financial services sector and attracting top international talent.

Shanghai's added value from the service sector rose 9.1 percent in the first half to CNY1.17 trillion (USD166 billion) or 71.2 percent of the city's gross domestic product.

Introducing measures to open up the service sector will help build the city into an international trade center, improve its business environment and drive reforms in the SHFTZ.

Editor: Ben Armour