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Business registration to be expedited
2018-05-06

Electronic and internet platforms will be more widely applied in governance to ensure that the time required for business registration in 36 cities and regions will be reduced to within 8.5 days by the end of 2018, senior official said.

Ma Zhengqi, deputy director of State Administration for Market Regulation, said during a policy briefing held by the State Council's Information Office on Friday that this means the time required for starting a business will be more than halved, compared with the previous 22.9 days.

He said the administration will promote business registration through electronic platforms and streamline documents needed for registration.

"The central government has been sparing no efforts in improving the ease of doing business in China, and has achieved remarkable progress," he said.

By March 16, the total number of businesses in China had reached over 100 million. About 13,800 companies emerge every day on average, double the number in 2013, he said.

An estimate by the World Bank moved China up 65 spots between 2013 and 2017 in the ranking of nations by ease of starting a business, and the amount of time required was cut from 33 days to 22.9 days, Ma said.

He said China now ranks 93 in the category among 190 economies in the World Bank report.

Ma said the goal of opening a new business within 8.5 days represents the same amount of time to open a business in developed countries.

The new goal will be realized through promoting and implementing internet-based governance and other forms of e-governance, Ma said, adding that no separate tax registration will be required as the new measures are implemented.

Also during the meeting, Ma said that record-filing procedures for official seals will be included in the reform to integrate different certification requirements for business registrations.

"With new measures applied and the ease of doing business improved, China will also attract more investment from overseas," he said.

While the amount of business is increasing in China, Ma said mechanisms for exiting the market will be improved to help those unable to survive.

"The most difficult part of shutting down a business is handling those with debts, and we are now working on more comprehensive measures to help businesses exit the market effectively while having their financial debts properly dealt with instead of throwing the burden onto society," he said.

Wen Bin, a researcher with China Minsheng Bank, said the new measures to ease business registration have been among the continuous steps of the central government to boost the vitality of the real economy and spur entrepreneurship in recent years. Strong, solid implementation of the new measures is required for tangible results, he said.

  

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