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China Government Services Improve for the New Economy

According to a government document, CHINA will improve its services for the new economy to accelerate new growth.

China will continue to enhance administrative efficiency to better serve rapidly-growing emerging industries and upgrade old ones, said the document of the State Council, made public on Friday.

To reduce restrictions on the new economy, China will do actual deeds such as

1. step up the process of approving, revising and abolishing laws and regulations,

2. allow local authorities to implement their own rules to test new business models in low-risk sectors, including logistics, education and tourism.

3. Support for innovation and strengthen business registration.

Regulators responsible will take a more inclusive attitude to encourage innovation, while ensuring fair and open market entry, strengthening risk control, and improving the social credit system.

The government will also promote effective flows of knowledge, technologies, information and data resources, and push for more rapid translation of scientific results into productivity.

In the face of economic downturn pressure, China's policymakers have pinned high hopes on the new economy to drive up growth, and carried out an array of measures to boost innovation and stimulate market vitality.

China government services improving to boost the economy can be regarded as a great opportunity that provides a platform where foreign investment entry will be much easier than before since some rigorous regulations have been abolished. 


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