China will make its service sector a new highlight in its opening up and the country especially welcomes foreign businesses from Japan and the Republic of Korea to increase cooperation in the sector, Premier Li Keqiang said on Tuesday.

The premier, speaking at the Seventh China-Japan-ROK Business Summit in Chengdu, said the demand from Chinese people for high-quality commodities and services is increasing fast, and there is urgent need to increase the supply for services in aged care, health and day care for infants.

China is stepping up its opening up in the financial sector, and has greenlighted full foreign ownership of securities firms, futures businesses and life insurance companies by 2020 - a year earlier than scheduled, he said.

China, the world’s largest developing country with an upgrading super-large domestic market, welcomes businesses from the two countries to invest in modern services and the financial sector, he said.

It will also help the two countries jointly manage common challenges in an aging society, health and financial stability, he said.