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Commercial system reform to unleash market vitality

Updated: Aug 1,2016 1:49 PM

The State Council issued a document on comprehensively implementing business registration reform, which will start Oct 1. With its focus on all-in-one business license and unified code, the country’s commercial system reform will be further promoted.

The first six months of this year has seen around 14,000 enterprises registering every day, a steady growth compared with last year’s 12,000, and double that of pre-reform process.

Zhang Mao, head of the State Administration for Industry and Commerce, said that commercial system reform can stimulate enthusiasm for entrepreneurship and promote the launch of newly registered enterprises. He said that commercial system reform will take reinforced effect together with innovation and entrepreneurship in promoting economic development.

“In the first half of this year, the number of newly registered enterprises in the tertiary industry was 2.12 million, accounting for over 81 percent of the overall new companies”, said Yu Fachang, a SAIC spokesperson, noting that the economic structure is optimizing.

Given that the situation for economic development is still complex, Ma Fu, head of the private economy regulation department under the SAIC, wants an explicit policy with clear target and enhanced transparency, reduction in market risk, and improvement in the efficiency of economic operation.

He added that the enterprises credit supervision system, including the annual reports that enterprises filed, has showed positive effect in improving market competition environment and raised the efficiency of the economic operation.