China’s business registration streamlined to unlock economic potential

%3CP%3E%3CFONT%20face%3DVerdana%3EChina%20will%20intensify%20its%20reform%20efforts%20concerning%20business%20registration%20procedures%20to%20reduce%20administrative%20costs%20and%20enhance%20economic%20restructuring%20from%20the%20supply%20side.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EA%20series%20of%20measures%20was%20adopted%20at%20the%20State%20Council%27s%20executive%20meeting%20on%20Wednesday%2C%20presided%20over%20by%20Premier%20Li%20Keqiang.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%22Business%20registration%20reform%20is%20crucially%20important%20this%20year%20to%20achieve%20stable%20economic%20growth%20and%20stabilize%20employment%2C%22%20Li%20said.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%22Noticeable%20achievements%20have%20been%20made%20in%20recent%20years%2C%20yet%20there%20are%20still%20problems%20to%20be%20solved.%22%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20reform%20aims%20to%20simplify%20administrative%20procedures%20and%20lower%20requirements%20for%20business%20registration.%20Since%20it%20started%20in%20March%202014%2C%20the%20reform%20achieved%20noticeable%20achievements%20and%20this%20was%20reiterated%20time%20and%20again%20by%20the%20Premier.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EIt%20was%20decided%20at%20the%20Wednesday%20meeting%20that%20further%20efforts%20will%20be%20carried%20out%20in%202016%20to%20streamline%20business%20registration.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThis%20includes%20creating%20negative%20lists%20for%20business%20registration%20and%20realizing%20the%20integration%20of%20business%20licenses%2C%20certificates%20for%20taxation%2C%20organization%20codes%2C%20social%20security%20and%20statistic%20codes%20into%20one%20certificate.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EEfforts%20to%20streamline%20business%20administration%20will%20also%20be%20given%20policy%20support%2C%20such%20as%20tax%20and%20fee%20reductions%2C%20to%20workers%20who%20may%20face%20job%20relocations%20during%20the%20country%27s%20effort%20to%20reduce%20excess%20capacity.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%22The%20government%20at%20all%20levels%20should%20keep%20working%20hard%20to%20integrate%20business%20certificates%20when%20possible%20and%20reduce%20institutional%20costs%20for%20enterprises%2C%22%20Li%20said.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EMeanwhile%2C%20the%20integration%20of%20multiple%20certificates%20will%20be%20further%20expanded%20to%20individual%20businessmen%2C%20with%20their%20taxation%20certificates%20and%20business%20licenses%20being%20integrated%20into%20a%20single%20document%20this%20year.%20The%20meeting%20also%20urged%20the%20need%20for%20more%20efforts%20in%20building%20a%20fair%20market%20environment%20and%20a%20comprehensive%20market%20exit%20mechanism.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EStreamlining%20the%20business%20registration%20procedure%20has%20been%20promoted%20across%20the%20country%20in%202016%2C%20and%20has%20achieved%20results.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EA%20more%20developed%20market%20exit%20mechanism%20was%20put%20in%20place%20to%20help%20businesses%20exit%20the%20market%20with%20more%20efficiency.%20Authorized%20by%20the%20State%20Administration%20for%20Industry%20and%20Commerce%20%28SAIC%29%2C%20such%20trials%20have%20already%20started%20in%20Pudong%20in%20Shanghai%2C%20Yancheng%20in%20Jiangsu%20Province%2C%20Ningbo%20in%20Zhejiang%20Province%20and%20Shenzhen%20in%20Guangdong%20Province.%20From%20now%20on%2C%20less%20documentation%20is%20required%20from%20enterprises%20if%20they%20want%20to%20exit%20the%20market%2C%20efficiently%20creating%20space%20for%20new%20businesses%20to%20enter%20the%20market.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EDetailed%20requirements%20for%20business%20sites%20have%20also%20been%20lowered%2C%20removing%20what%20was%20once%20a%20difficult%20prerequisite%20for%20entrepreneurs.%20The%20business%20site%20registration%20procedure%20will%20be%20streamlined%20based%20on%20field%20research.%20In%20some%20cities%20such%20as%20Shanghai%2C%20certain%20residential%20buildings%20are%20allowed%20to%20be%20converted%20to%20business%20venues%20after%20due%20procedures.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3ENew%20businesses%20will%20require%20fewer%20procedures%20for%20their%20names.%20The%20SAIC%20will%20further%20promote%20a%20full%20online%20registration%20procedure%20that%20will%20first%20go%20through%20trial%20runs%20in%20designated%20places%2C%20including%20Jiangsu%20and%20Hebei%20Provinces%2C%20before%20being%20applied%20across%20the%20country.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EEfforts%20will%20be%20continued%20to%20integrate%20business%20licenses%2C%20the%20certificates%20of%20organization%20code%20and%20the%20certificates%20of%20taxation%2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