China will work to ensure that the registration of businesses will be
entirely processed online before the end of the year in a further move
to transform government functions and reinvigorate market entities, the
State Council's executive meeting chaired by Premier Li Keqiang decided
on Wednesday. "The reform of transforming government functions and delivering the
fiscal and financial relief polices must be progressed in parallel," Li
said. "So far, the special transfer payment mechanism that directly
channels funding support to primary-level governments has played a
crucial role. In the meantime, we must continue to lower the market
threshold to stimulate market vitality and public creativity." Business registration will be entirely processed online before the
end of the year. Separate registration of corporate domiciles and
business premises will be piloted and a company may register more than
one business premises. "We need to do everything we can to help market entities survive and
thrive. If the 100 million-plus businesses could keep running, we will
be able to meet the goal of creating 9 million new urban jobs this
year," Li said. To ease business operations, expand opening-up and support
agricultural and rural development, administrative licensing of 49 items
with overlapping examination and approval requirements will be
canceled, and the approval authority for four items will be delegated to
the provincial level. Where law revision is needed, these new measures
will be implemented after the Standing Committee of the National
People's Congress approves the proposed law revisions. The meeting stressed the importance of stepping up oversight alongside proper deregulation. "While canceling the approval requirements or delegating approval
authority, responsible departments must ensure sound compliance
oversight," Li said. "It takes more than monetary input for the Chinese economy to grow.
The reform of government functions could further bring out the ingenuity
and industriousness of the Chinese people, and enhance the efficacy of
government oversight and services. This is a reform that could lead to
greater fairness and efficiency," Li added.
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