Both deregulation and oversight are necessary for the process of registering enterprise names, ensuring compliance while offering convenience to businesses, Premier Li Keqiang said at the State Council executive meeting on Dec 14.

At the meeting, draft revisions to the Regulation on Business Name Registration and Administration were adopted following the cancellation of related items that required government approval, including the pre-approval of corporate names before business registration as decided at a State Council executive meeting in 2019.

The draft refines basic norms and puts in place an application system for corporate names, where applicants can choose a corporate name that meets requirements and pledge to bear legal responsibility for any name infringements.

It also requires registration departments to enhance oversight during and after a registration, and refuse to register or correct any corporate names inconsistent with requirements. Disputes over corporate names may be settled through lawsuits in accordance with the law, or mediated and decided by registration departments.

"Corporate name registration should facilitate fair competition and independent business operations within the confines of the law," Premier Li said. "After all, an enterprise will become bigger and stronger only by building up its overall strength and brand value, not just through its name."