China to improve business environment through gov't legislation

The State Council, China's cabinet, on Tuesday passed a draft of regulations on improving the business environment by offering market entities institutional guarantees when they they invest and develop business in China.

An aerial view of a skyscraper resembling an officer boot of ancient Chinese dynasties on the bank of Jinji Lake in Suzhou city, east China's Jiangsu province, April 15, 2018. [File Photo: IC]

The draft focuses on the demand from market players, and establishes basic institutional norms in business environment that give equal treatment to all market entities, including domestic and foreign enterprises, according to a statement released after a State Council executive meeting chaired by Premier Li Keqiang.

The meeting called for further efforts in delegating power to lower-level governments.

China will continue to expand market access, implement a unified nationwide negative list, and further simplify administrative licensing, said Li.

The meeting stressed that the government should standardize and innovate their methods in supervision and law enforcement, and adopt an inclusive and prudent regulatory principle when it comes to emerging industries.

In terms of the protection of the market entities, the meeting demanded that the government should guarantee the business autonomy of market players, protect the personal and property safety of business operators, and ensure equal access for all market entities to the country's favorable policies.

We need to highlight transparency in government affairs, said Li, adding that the country should solicit advice from market players, industrial organizations and chambers of commerce when formulating regulations, rules and normative documents related to business activities.

Li also underlined that the government and its staffs should be held accountable for violations of relevant regulations and law.