The Ministry of Industry and Information Technology (MIIT) on Wednesday announced a pilot project to remove foreign ownership restrictions on some domestic value-added telecom services in four regions of China - Beijing, Shanghai, Hainan and Shenzhen - showing the country's determination to expand opening-up on all fronts.
A circular released by the MIIT noted that the value-added telecom services will include internet data centers, content delivery networks and internet service providers, among others, marking the latest endeavor to promote high-quality opening-up and accelerate the process of new industrialization.
China will provide equal treatment to foreign entities approved for the pilot programs, eliminating the 50 percent foreign ownership limit in these critical sectors, and it will no longer impose ownership ratio restrictions, the MIIT confirmed.
