(Yicai Global) August 13 -- Shanghai will further relax its rules on service sector market access to spur more foreign investment in the fields of biotech, tourism, entertainment, and art.

Shanghai will make it easier for foreigners to set up investment companies in Shanghai by reducing the requirements of total assets as well as the quotas on the total number of foreign-funded firms in order to create a level playing field with domestic firms, the municipal government said in a statement on its website.

Shanghai will also explore the possibility of allowing foreign investors to set up entertainment agencies to provide services nationwide. The city will let offshore tourism companies organize overseas trips for Chinese citizens, except for journeys to the province of Taiwan. 

Shanghai will study allowing foreign entertainment companies to produce music and videos under certain conditions in industrial parks, free trade zones and bonded areas. It will also let foreign art firms to auction off qualified artwork in FTZs.

Shanghai will also strive to allow foreigners to invest in genetic testing and stem cell-based therapies on the mainland.

Editor: Emmi Laine