New regulation on corporate transparency
Print Edition
An interim regulation on the disclosure of corporate information, set to take effect on October 1, has been approved by the State Council and endorsed by Premier Li Keqiang.
Under the new rule, firms will be required to deliver annual reports on their profits, tax payments and other business activities. Government departments will monitor disclosure and are obliged to disclose information regarding their own work with companies.
The regulation follows changes to business registrations to ease market access.
Previously, authorities ran annual checks on firms. Irregularities found during the checks often resulted in severe penalties, including the cessation of business licenses, making the checks prone to bribery and corruption.
With the new rules, the government will monitor only information disclosed.
Government intervention has been cut and companies can now operate more like business entities, said Ye Lin, a professor at Renmin University of China.
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