China further streamlines approvals in pilot FTZs
Enterprises in China's pilot free trade zones are enjoying more benefits from the country's efforts to further streamline approval procedures, according to the top market regulator.
China started the pilot reform to separate business operation permits from business licenses in all 18 pilot FTZs on December 1, with the list-based management system as one of the highlights of the reform, Tang Jun, deputy head of the State Administration for Market Regulation, said Wednesday.
For all items not on the list, permit requirements will be lifted to help build a stable, fair and transparent market environment, he said.
Before the reform, enterprises had to get operation permits before getting their business licenses, which could be a time-consuming process.
Through the reform, China will cut the approval procedures concerning all 523 items related to business operation permits set by the central government, according to Tang.