BUSINESS China to further reduce burden on market entities

BUSINESS

China to further reduce burden on market entities

Xinhua

14:44, June 25, 2020

China will further cut the time needed to start a company, and overhaul the fees charged by industry bodies to further reduce the burden on market entities and boost their vitality.

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File photo by CFP

China aims to shorten the time needed to set up a company from within five working days at present to within four working days or even less, according to a State Council executive meeting chaired by Premier Li Keqiang on Wednesday.

The procedures for starting a business will be optimized. A unified online platform for accessing these services will be established in every provincial region by the end of this year. Once approved, related documents can be collected in a single venue.

With strict oversight and security protection in place, electronic business licenses will serve as a legal and valid identification. It can be used as a means of e-signature for online business registration, tax-related services, and opening bank accounts.

The Wednesday meeting adopted measures to better regulate the fees charged by industry bodies and associations, and specified instances where the unauthorized levy of fees is prohibited.

Due to the huge demand for doctors in the countryside, and for veterinarians in modern livestock husbandry and the prevention and control of animal diseases, China will also streamline the procedures for qualified medical students to become a doctor or veterinarian, said the meeting.

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