China issues guideline to vitalize market, improve business environment

BEIJING -- China has released a guideline to energize market entities and improve the business environment with streamlined administrative procedures and better services.

Focusing on the demand from market entities, related authorities should help fiscal and monetary policies better benefit those in need, and improve public services with infrastructure development, said the guideline released by the General Office of the State Council.

To create a market-oriented business environment, efforts should be made to streamline administrative approval procedures, formulate a new negative list for market entry, and tighten regulation over monopoly conduct and unfair market competition, it said.

On improvements of a law-based business environment, the guideline urged protection of all types of property rights and a stricter crackdown on infringement of intellectual property rights.

Efforts should also go into creating an internationalized business environment, the guideline added, calling for higher standards for trade and investment liberalization and facilitation.

It also called for a shortened negative list for foreign investment, and more convenience for high-level international talent dedicated to entrepreneurship and innovation.