China announced new reforms for the business sector

The State Council of China on Wednesday unveiled new reforms aimed at optimizing the business environment and accelerating the creation of a modern economic system with high quality development through decentralization and the elimination of bureaucratic obstacles, as well as through competition protection and market access.

The new regulation, authorized by Prime Minister Li Keqiang and which will enter into force on January 1st, underlines that this improvement of the business environment in China must comply with the principles of commercialization, Rule of Law and internationalization and be guided by the needs of market entities.

In this regard, China will continue to make progress in the decentralization and optimization of service reforms, minimizing the direct allocation of government resources to the market, as well as direct government intervention in the market.

The new rules emphasize the protection of market agents, underlining the role of the State as an advocate for equal rights, equal opportunities and equality of all forms of property economy protected by law.

Likewise, Beijing sets a system of sanctions for infringements of intellectual property, and expresses its commitment to work on improving the mechanism for resolving intellectual property disputes, in addition to increasing the protection of intellectual property rights, one of the main friction issues between the US and China.

On the other hand, the State will accelerate the construction of an integrated national platform of online government services and promote data exchange and commercial collaboration between regions.

K. Tovar

Source: dpa