15 Oct 2019
China Looks to Nurture World-Class Business Environment
Under new regulations adopted by the State Council earlier this month, commercial operators are to be granted institutional guarantees related to providing all due protection for their investments as the government looks to optimise the mainland’s overall business environment. Accordingly, the State Council undertook to ensure China maintained a world-class, legally-consistent business environment in line with market principles, with every effort made to promote fair competition, enhance market vitality, and strengthen the key drivers of economic development.
In a bid to address the actual needs of market players, the new regulations focus on transforming government functions, codifying the practices proved effective via the reform of regulatory streamlining and upgrades to government service completed over recent years, while also establishing a basic framework of institutional norms complying with the advanced international standards recognised as essential for a dynamic business environment and ensuring that domestic and overseas enterprises are treated equally in all relevant regards. Such moves will include the increased delegation of authority, continuous improvements to market access, the implementation of a unified national negative list for market access, the further separation of business licenses from operating permits and a simplification of the procedures related to opening or closing a business.
Full details can be found in Regulations on Improving the Business Environment (Draft), as issued by the State Council on 8 October.
Source: State Council of China