China releases regulation on optimizing business environment

BEIJING - The State Council on Wednesday made public a regulation on optimizing the business environment in the latest step to unleash and develop productive forces and advance high-quality development.

The regulation, released under a decree signed by Premier Li Keqiang, will become effective from Jan 1, 2020.

Drawing on past experience and practices, the government seeks to solidify reform measures with regulations to target weak links in China's business environment and address difficulties facing market entities.

Aligning with advanced international levels, the regulation specifies the principles and directions for fostering a stable, fair, transparent and predictable business environment.

It stipulates that the state shall provide equal protection to all market entities and ensure they can make equal use of all factors of production and enjoy support policies in accordance with the law.

The government will protect market entities' managerial autonomy, property rights and other legitimate rights and interests, and promote the establishment of a unified national platform for safeguarding entities' rights and interests, according to the regulation.

It also clarifies rules regarding the faster establishment of enterprises, equal market access, solid implementation of tax and fee reduction policies, and easing financing difficulties.

Meanwhile, the regulation details efforts on cutting red tape, streamlining administrative approval, and improving supervision and administrative law enforcement.