Premier Li Keqiang has called for governments at all levels to address difficulties faced by business and stabilize market expectations at the State Council executive meeting on Dec 24.

Decisions were made at the meeting to cancel permits for companies opening bank accounts, reduce the examination period for trademark registration, and expand policies on random inspections and information disclosure.

The cancellation of permits

The meeting on Dec 24 decided that permits for companies opening bank accounts would be canceled by the end of 2019.

In June this year, the People’s Bank of China launched a pilot project in Taizhou, Jiangsu province and Taizhou, Zhejiang province, in which enterprises no longer need to obtain permits to open bank accounts.

In the pilot areas, commercial banks can open basic deposit accounts for eligible enterprises after reviewing their basic information without issuing permits.

The pilot projects helped local enterprises open accounts in one or two days.

Premier Li said the decision will simplify account-opening procedures and bring convenience to businesses.

Sound service for market entities

At the meeting, the Premier also urged departments to increase their efficiency in examining intellectual property rights, saying that demanding and tedious IPR application processes would hinder enterprises’ innovative development and brand building.

He called for measures promoting electronic applications, and for the cutting of red tape. The average examination period for trademark registration will be further reduced for five months next year and that of high-value patents be compressed by another 15 percent based on 10 percent this year.

The deeper the market economy develops, the higher the requirement of promoting innovative development is, he said, adding that the government should manage to provide good services for market entities, instead of giving obstacles.

Violators have no room to hide

Premier Li said that random inspections and the transparent release of inspection results will leave no room for power rent-seeking caused by private “talks” and prevent repeated and excessive inspections on enterprises.

“We shall deter violators while reducing interference on normal operation of market entities,” Premier Li said at the meeting.

A timetable was also decided to realize regular, random inspections in market supervision in two years.

Inspections will be jointly organized by governments above county level, based on a database of objects and inspection staff established by provincial governments.

All inspection results will be published and those in violation will be held accountable, particularly in food, drugs, and special equipment.

“The government should provide financial support to information sharing, to reduce burdens on enterprises and fend off power rent-seeking,” he added.