China's cabinet has decided to abolish more items that need administrative approval and step up support for small high-tech corporations. (Photo : YouTube)
China's cabinet has decided on Wednesday, Jan. 13, to eliminate more items that need administrative approval and step up support for small high-tech corporations to attain economic vitality.
According to a statement released by Premier Li Keqiang after an executive meeting of the State Council, the government will abolish administrative approval power for more than 150 items at the local level, the Global Times reported.
The authority will also cancel more than 10 administrative licensing items that have hindered creativity and entrepreneurship, and official qualification will not be a requirement any more for 61 occupations, including baristas.
From the statement, 192 intermediary services needed for businesses to get administrative approval will be eliminated, bringing the total number of such services down to 30 percent of the original level.
Furthermore, the statement revealed that there will be a change in the laws and regulations to provide legal support for the streamlining process.
Cutting red tape and giving powers to lower levels to give markets a bigger say in the economy has been a top agenda for the Chinese government.
Since March 2013, State Council agencies have abolished or delegated administrative approval power for 537 items, meeting the target to reduce the number of components requiring approval by one-third within the term of this government two years ahead of plan, according to a different report by the same publication.
During the meeting, the State Council also chose to reduce the threshold for small and medium-sized corporations to be categorized as high-tech enterprises that qualify for government support. Such a move will spur investment in research and development, promote mass entrepreneurship and innovation, and help upgrade the economy.
