Approvals give way to registry
Print Edition
THE State Council, China’s Cabinet, said yesterday that the country will cut the government’s power in administrative approvals for companies’ investment projects.
The projects will only need to be registered instead of approved if they can be effectively managed through economic measures and laws in sectors with sufficient competition and where companies can self-regulate, a statement on the central government website said.
Allowing companies autonomy in investment is necessary in balancing the roles of the government and the market, the statement said. It is also important in utilizing the pivotal role of investment, boosting restructuring through reforms, and maintaining the stable growth of the economy.
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