Company registrations at 10-year high as Beijing reduces red tape
Registrations of private companies rose 30 per cent from a year earlier, indicating that "cutting red tape and delegating power were powerful tools to boost the market's vitality and social creativity", Premier Li Keqiang said yesterday.
The number of new companies registered in the past year hit a 10-year high as the central government's efforts to cut red tape bore fruit.
Registrations of private companies rose 30 per cent from a year earlier, indicating that "cutting red tape and delegating power were powerful tools to boost the market's vitality and social creativity", Premier Li Keqiang said yesterday.
Last year, the central government cancelled 416 administrative procedures for examinations and approvals, sending a strong signal that it was "loosening the shackles on companies and giving the market a bigger role", Li said, echoing a vow made at last year's parliament gathering.
From October 1, fees were reduced for 20 services performed by 14 central government bodies, saving firms and individuals about 200 million yuan (HK$252 million) a year, the National Development and Reform Commission said in August.
The government has done a good job in quantity, but now it should look at quality
Simplifying procedures had given the government more time to "improve and innovate [on] macroeconomic control", Li said.
The government would continue to come down hard on fraud, infringement of intellectual property rights, and other deeds that hampered fair competition, he said.
