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China to introduce regulation to improve business environment and facilitate investment

2019-10-10 09:58:27 Xinhua News Agency

China will soon release a national regulation on bettering the ry''s business environment.

China will soon release a national regulation on bettering the country's business environment. This is to establish a basic framework of norms for a business environment that treats all market players - domestic and foreign - as equals, and to provide institutional safeguards, in the form of government regulation, for investment and business operation by all types of market players.

The draft regulation was adopted on Tuesday at the State Council's executive meeting chaired by Premier Li Keqiang. In light of the actual needs of market players, the new regulation focuses on transforming government functions, draws upon advanced international standards, and seeks to codify the experience and practices proven effective from past reforms.

"Introducing this regulation now is critical for consolidating our achievements in the reform of government functions in recent years. It is also a key measure for tackling the downward economic pressure and attracting more foreign investment," Li said.

China has seen its business environment visibly improved in recent years thanks to the reform of regulatory streamlining and government service upgrading. In 2018, China's global rankings moved up significantly in the World Bank's ease of doing business report and similar surveys by other global institutions.

The new regulation also features greater intensity in empowering market players. It stipulates the need to consistently ease market access, including applying a unified national negative list on market access, further deepening the reform of decoupling of business licenses and operation permits, and simplifying procedures for opening or canceling a business. Local governments are required to make public the time required for applying for permit, certificate, opening bank account and applying for electricity use, and other items related to starting a new business. Explanations need to be made to the public for cases that are not completed in stated time period.

Real-estate registration and transactions, as well as tax payment shall be completed at one stop.

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