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China deepens reforms to invigorate businesses Release date: 2020-09-11    Source:Xinhua

The State Council, China's cabinet, has detailed multiple reform measures to improve business environment and invigorate the market.

While China's business environment has seen remarkable progress in recent years, operational barriers still exist in the country, according to a circular released by the State Council, which listed reforms in four areas to spur business vitality.

China will push for adopting fully online procedures for starting a business in order to further reduce the time required for setting up an enterprise to no more than four working days, said the circular.

The circular pledged to simplify regulation and approval procedures while calling for new breakthroughs in the business registration system.

The power of approval for businesses related to five categories of products, including steel bars for construction purposes, will be decentralized to provincial-level market regulators.

Local authorities are urged to firmly implement the tasks, according to the circular.