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China promises to get rid of institutional barriers via reform



China will go further in reform to get rid of institutional barriers, and boost domestic development despite the challenges lying ahead, Premier Li Keqiang said on Friday.

Li made the remarks while delivering a government work report at the opening meeting of the third session of the 13th National People's Congress (NPC).

By streamlining the country's administrative process and delegating power to local governments, more people will be able to access government services via a single website and complete all procedures for starting a business online, Li noted.

On the other hand, relaxed regulations will make it easier for micro and small enterprises and self-employed individuals to register and start a business, and access timely policy support, he promised.

According to the government report, the country will reform the ChiNext stock market, China's NASDAQ-style board of growth enterprises, and adopt a pilot registration-based initial public offering (IPO) system at ChiNext.

With information disclosure at its core, the registration system will improve the market's transparency and authenticity and allow investors to make their own value judgments.

Additionally, China will launch a three-year action plan for the reform of state-owned enterprises (SOEs), the report said. By improving state capital regulation and intensifying mixed-ownership from public and private sectors, the obligations of SOEs to operate social programs will be largely relieved.

New forms of business such as e-commerce, online shopping, and online services have played an important role during the COVID-19 pandemic. Therefore, more policies will be introduced in support of such business in the year ahead, Li said.


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