Bar lowered for FDI in Beijing's service businesses

China announced on Friday that it has lowered the bar for foreign companies to invest in Beijing's service businesses, including banking, entertainment and air transportation, to ease market access restrictions on foreign direct investment from Dec 10 to May 5.

The State Council decided to allow Beijing during this period to adjust its requirements so foreign companies can invest in performance and entertainment businesses with no investment ratio being set.

Supported by new policies, foreign banks and their joint ventures can apply for renminbi business when they submit the opening application to related authorities in the Chinese capital until May. They used to gain such qualification only after operating a business in China for one year.