China cuts red tape to stimulate economy
Print Edition
THE government is streamlining administrative approvals, delegating more power to lower levels and loosening rules on foreign investment in a bid to revive the economy.
Premier Li Keqiang called for efforts to cut red tape and simplify procedures for new investment projects, according to a statement issued after an executive meeting of the State Council on Saturday.
Provincial governments will approve investment projects related to container terminals, vehicle engines, urban transit systems and inland water transportation, according to new regulations.
The China Railway Corporation will be allowed to make decisions regarding railways, bridges and tunnels, the statement said.
More private investment will be encouraged in various sectors, including medical care, education, culture and sports, it said.
China will prohibit new projects related to industries struggling with overcapacity, such as steel, coal and electrolytic aluminum sectors. In principle, no new gasoline-powered vehicle factories will be allowed to open.
The meeting stressed measures to improve the country’s business environment. More efforts are needed to create a level playing field for both domestic and foreign companies, the statement said.
Following China’s revisions to four laws regulating inbound investment last month, the meeting agreed that some administrative approvals will no longer be necessary for foreign investors setting up businesses on the Chinese mainland.
Such investors are now only required to report business plans to local regulators, as long as their business is not on a “negative list.” The government estimates that this means more than 95 percent of procedures will be cut.
The practice has proved satisfactory in pilot free trade zones in Shanghai, Guangdong, Tianjin and Fujian.
Despite the economic slowdown, China remains an attractive destination for foreign companies due to its continued opening up and improving business environment.
Overseas direct investment in the mainland during the first eight months of 2016 increased 4.5 percent year on year to US$85.9 billion, up from 4.3 percent in the first seven months, the Ministry of Commerce said.
A total of 18,538 new foreign-funded enterprises were established in the country in the same period, up 10.2 percent on the year.
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