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Shanghai gets power to raise city's allure
By Lu Feiran and Wang Yanlin |
February 17, 2012, Friday
|
Print Edition
Print Edition
SHANGHAI was granted more freedom in executing some business and commerce regulations under a trial program to simplify process to make the city more alluring to investors.
The State General Administration of Industry and Commerce said yesterday that it will transfer some of its powers to the Shanghai branch to streamline procedure. It will also encourage more mergers and acquisitions among local companies to enhance synergy.
The move will accelerate the process of driving noncompetitive companies out of the market while major enterprises may be able to transform themselves through M&As.
One of the main aims in transferring power is to simplify the paperwork procedures to reorganize enterprises. They will be allowed to set up parent companies through an equity investment unlike the current cumbersome process of having the firms to first cancel the registration before re-registering at the local industrial and commercial authority and applying for a new business license.
Also, the move gave the Shanghai Industrial and Commercial Administrative Bureau the power to register large domestic enterprises, which are managed by the GAIC now.
"The move will help Shanghai to attract investors and cement its strength in finance, commerce and business," said Li Maoyu, an analyst at Changjiang Securities Co.
The State General Administration of Industry and Commerce said yesterday that it will transfer some of its powers to the Shanghai branch to streamline procedure. It will also encourage more mergers and acquisitions among local companies to enhance synergy.
The move will accelerate the process of driving noncompetitive companies out of the market while major enterprises may be able to transform themselves through M&As.
One of the main aims in transferring power is to simplify the paperwork procedures to reorganize enterprises. They will be allowed to set up parent companies through an equity investment unlike the current cumbersome process of having the firms to first cancel the registration before re-registering at the local industrial and commercial authority and applying for a new business license.
Also, the move gave the Shanghai Industrial and Commercial Administrative Bureau the power to register large domestic enterprises, which are managed by the GAIC now.
"The move will help Shanghai to attract investors and cement its strength in finance, commerce and business," said Li Maoyu, an analyst at Changjiang Securities Co.
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