The Chinese government will do more to resolve the concerns of businesses identified during State Council inspection tours, ensure full delivery of all pro-business policies and build a national Internet Plus regulation system to make government regulation smarter, more standardized and better targeted, the State Council decided during an executive meeting chaired by Premier Li Keqiang on Oct 22.
The meeting pointed out that in the face of the changes from both in and out the country, the government must redouble its efforts for a more enabling business environment by resolving the pressing concerns of businesses, delivering on all policy incentives and eliminating the obstacles to business development to bolster corporate confidence and competitiveness.
Market access restrictions on private investors will be further eased. An updated version of the market access negative list will be released and fully implemented by the end of the year. All market access restrictions on foreign investors that are not on the negative list will be eliminated by next March, creating a level playing field for investors from both home and abroad.
The number of items subject to government approval will be cut. All existing items requiring government approval will be thoroughly reviewed, and a list of administrative review items will be released by the end of next March when any administrative review conducted outside the list’s purview will be seen as a breach of regulation.
The reviewing procedures for corporate investment will be further streamlined. Measures for reforming the process of business registration cancellation will be formulated by the end of the year.
Corporate tax and fee burden will be further reduced. Relevant departments should move faster on studying and raising measures of lowering corporate tax and fee burden.
Administrative service and efficiency will be further improved. It will promote standardized administrative service, simplify procedure about administrative punishment, come up with methods of regulating discretion and correct some enforcement phenomenon.
According to the executive meeting, private enterprises play important roles in building socialism with Chinese characteristics and promoting economic and social development. China should roll out more policies which will help stable and sound development of private enterprises. The executive meeting decided to support small and medium-sized financial institutions with market demand through increasing re-loan and re-discount, and improve financial service for small and tiny enterprises and private companies. At the same time, in terms of difficulties in financing, the government will support private enterprises to raise funds by issuing bonds. The People’s Bank of China will provide capitals to professional institutions and entrust them to provide support to private enterprises which have normal operation but face liquidity problem in the short term. It will build risk sharing mechanism by introducing commercial banks and insurance companies to join in when conditions get matured.
In order to perfect regulation, the executive meeting decided to build a national Internet Plus regulation system based on national administrative service platform, and prevent risks by collecting and sharing various data. Project will be promoted to ensure that the system will be launched together will national administrative service platform by the end of September of next year.
Translated by Coral and Vanessa
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