Full transcript of policy briefing of the State Council on Feb 27, 2015

China News Service:

Director Wu, what will be the considerations for streamlining foreign-related administrative approval items?

Wu Zhilun:

There are indeed some approval items which are related with foreigners or foreign affairs. We canceled and delegated more than 240 items last year, and more than 10 percent of them were foreign-related. Of those, 27 items were directly foreign related. In the new year, foreign related items are still our focus of reform. Thanks.

China Radio International:

I would like to ask Mr Liu about the demanding problems that have emerged during the yearlong reform of the business system and the corresponding measures. Thank you.

Liu Yuting:

With the reform, we generally achieved a major breakthrough, such as successfully further stimulating the vitality and development momentum of the market, allowing the number of market entities to rise sharply. The reform has made a positive contribution to public entrepreneurship and mass innovation.

Along with the nationwide implementation of the business system reform from March 1, 2014 to Feb 25, 2015, we have seen registration of 13.3 million new market entities across the country, a year-on-year increase of 17.67 percent. Of the new entities, there are 3,807,800 enterprises, a growth of 48.87 percent, which means a daily registration figure of 10,400. There are 3,769,400 new domestic enterprises, a growth of 49.45 percent, which includes 3,601,600 private enterprises representing a growth of 51.21 percent. There are 38,300 newly registered foreign investment enterprises, an increase of 7.56 percent and there are 9,232,400 individual businesses newly registered, a growth of 8.94 percent. Farmers cooperatives have seen 295,800 new entities registered, a decline of 1.58 percent.

As of Jan, 2015, there are altogether 70,176,400 market entities across the country. As of Feb 25, the figure is 70,765,600. Of these, there are 18,698,700 enterprises, a year-on-year increase of 20.94 percent. The enterprises with domestic investment account for 18,232,900, showing a growth of 21.43 percent, and 15,964,400 of them are privately-owned, an annual increase of 25.23 percent. The enterprises with foreign investment have increased by 4.44 percent to 465,800. The individual businesses account for 50,729,800, a growth of 13.23 percent. Farmers cooperatives account for 1,337,100, an increase of 28.71 percent.