The State Council has recently approved adjustments to the Interim Regulations on Registration Administration on Private Non-enterprise Units, submitted by the Beijing Municipal People’s Government, the Ministry of Commerce and the Ministry of Justice. Policies in seven other areas have also been changed, such as foreign investment in telecommunication companies, commercial performances and travel agencies.
Plans to boost foreign investment in various sectors were first announced in 2019. The following year, CGTN reported that the capital city was ready to unveil plans to encourage foreign investment in the service, financial and telecommunication sectors.
In the most recent document published on the website of the central government, regarding the charity sector, the State Council has agreed to open up channels for foreign citizens to invest in private elderly care centers for the purpose of charity. Foreign investors will be able to register as private donors to non-profit organizations. This is a step towards a more inclusive domestic market, and an essential measure to support the provision of care services for China’s aging population.
Although the department of civil affairs in Beijing had previously authorized several foreign nationals to open non-profit care centers, the latest approval from the State Council indicates a more welcoming approach. Through publishing supplemental policies to clarify issues such as registered capital and professional service works, the local government in Beijing will aim to attract foreign investment for the long term.