THE government will soon release a national regulation on bettering the country’s business environment by establishing a basic framework of norms for a business environment that treats all market players as equals.

The draft regulation was adopted Tuesday at the State Council’s executive meeting chaired by Premier Li Keqiang. In light of the actual needs of market players, the new regulation focuses on transforming government functions, draws upon advanced international standards, and seeks to codify the experience and practices proven effective from past reforms.

“Introducing this regulation now is critical for consolidating our achievements in the reform of government functions in recent years. It is also a key measure for tackling the downward economic pressure and attracting more foreign investment,” Li said.

China has seen its business environment visibly improved in recent years thanks to the reform of regulatory streamlining and government service upgrading. In 2018, China’s global rankings moved up significantly in the World Bank’s ease of doing business report and similar surveys by other global institutions.

The new regulation also features greater intensity in empowering market players. It stipulates the need to consistently ease market access, including applying a unified national negative list on market access, further deepening the reform of decoupling of business licenses and operation permits, and simplifying procedures for opening or canceling a business.

Local governments are required to make public the time required for applying for permit, certificate, opening bank accounts and applying for electricity use, and other items related to starting a new business. Explanations need to be made to the public for cases that are not completed in stated time period.

Real estate registration and transactions, as well as tax payment shall be completed at one stop.

The new regulation also highlights the importance of making government services more efficient, with administrative licensing and reviews further simplified.

Strict law-based deliberations and approval procedures must be put in place for setting any new administrative review and licensing items, according to the new regulation.

Refined and innovative approaches in oversight and law enforcement are also underscored, The practice of randomly selecting inspectors to inspect randomly selected entities and prompt release of results will be applied to all areas except for those areas closely related to public safety and health.

The Internet Plus Oversight model will be promoted, and a prudent yet accommodative regulatory approach will be applied to emerging industries.

“Clear and solid requirements must be made in terms of the procedures of starting businesses, decoupling business licenses from operation permits, administrative licensing, market entry and exit, and effective oversight and better government services. All this will send out positive signals to the market, and contribute to a good image internationally,” Li said.

The protection of market players is also highlighted in the new regulation. It requires that the right of market players to independent operation and their personal and property safety be protected.(Xinhua)