The Ministry of Industry and Information Technology of China recently granted pilot approvals for value-added telecom business to 13 foreign-invested enterprises in Beijing, Shanghai, Hainan, and Shenzhen, including a fintech subsidiary set up by HSBC in the Lin-gang Special Area of Shanghai.

These enterprises are now permitted to offer value-added telecom services such as internet access and information services, leveraging public network infrastructure. In October 2024, pilot programs to expand the opening-up of value-added telecom services were launched in these four regions, lifting foreign ownership restrictions in areas like internet data centers, content delivery networks, internet access services, and online data processing and transaction processing.

As of February 2025, China was home to over 2,400 foreign-invested telecom enterprises, a 30-percent increase compared to the same period in 2024. The 13 newly approved enterprises, with well-known multinational parent companies, are expected to bring more diverse telecom services and products to Chinese consumers, enhancing market vitality and service quality and meeting the public's growing digital lifestyle demands.

Lin-gang's inclusion in this pilot program signifies its commitment to fostering a business-friendly environment and attracting foreign investment, contributing to the development of China's digital economy.