China to cut approval time for starting businesses, construction projects

China will improve its business environment by cutting the approval time for starting a business and construction projects by about half, according to a State Council executive meeting chaired by Premier Li Keqiang Wednesday.

The amount of time required to start a business in municipalities, sub-provincial cities and provincial capitals will be reduced this year from an average of more than 20 workdays to 8.5 workdays, according to a statement released after the meeting.

Meanwhile, measures will be taken to cut the time required for government approval of construction projects from the current average level of more than 200 workdays to 120 workdays in 16 pilot regions including Beijing, Shanghai and Tianjin this year.

The time-cutting goals are expected to be realized nationwide by the first half of 2019, according to the statement.