China to introduce business-friendly reforms, slash transaction costs

02 Sep '22

1 min read

Pic: Shutterstock/ Don Pablo

China is set to roll in policies that are more conducive for market players to conduct business in the country as well as decrease government-imposed transaction costs. The recent State Council executive meeting, which was chaired by Premier Li Keqiang, emphasised upon implementing reform measures to improve the economy and delimit the exercise of government power.

It was also agreed upon at the meeting that irregularities such as arbitrary charges and excessive taxes and fees will be investigated. Condition to industrial production approval, a category-based approach will be followed in standardising goods of the same series.

Regulatory administration will be reinforced, and the manufacture and sale of counterfeit and substandard goods will be prevented to ensure fair competition.

“Over the years, the government has been checking the growth of non-tax revenues, by setting a strict boundary for the exercise of government power and resolutely curbing arbitrary charges and fines. We must continue to deepen the reform of government functions, to foster a world-class, market-oriented business environment governed by a sound legal framework,” Premier Li was quoted as saying by Chinese media reports.

Fibre2Fashion News Desk (NB)

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