BEIJING — China should make business registration easier to help entrepreneurship and innovation, State Councilor Wang Yong said on Dec 24 at a meeting.

Wang, who has researched registration of market entities and an enterprise credit system in Beijing, presided over a meeting on business registration reform.

China should have easier market accession, relax control over business premises and simplifying market exit procedures, Wang said.

The government should encourage sharing of corporate information and allow government organs to exchange more information, he said.

Support for entrepreneurship and innovation will create a better environment for the growth of small companies, especially new ones, he said.

Since early 2014, China has cut red tape and lowered entry requirements for enterprises, including lifting restrictions on minimum registered capital and cash ratios of registered capital.

In the first 11 months of this year, newly registered enterprises in China were up 19 percent year on year, according to the State Administration for Industry and Commerce.