China releases draft on further improving business environment

China on Sunday (July 14) unveiled plans to further improve its business environment, and began to solicit public opinion on how to proceed.

The draft, published by the National Development and Reform Commission (NDRC), includes proposals to boost equal market access and provide better intellectual property rights (IPR) protection as well as support for small investors.

"[The guidelines are aimed at] accelerating the creation of a stable, fair, transparent and predictable business environment and stimulate market vitality and the creative power of the whole society," the NDRC said in a separate statement released with the guidelines.

The draft said all types of market entities should be treated equally and their legitimate rights and interests be protected. Market access will also be further widened under the unified negative list system.

All regions and departments should guarantee the fair operation of government capital, land supply, taxes and fees reduction, qualification licensing, standard setting, title evaluation, etc, in accordance with the law, and prohibit any abuse of power. Meanwhile, public bids and government procurement should be open to all and be fair and transparent.

The draft also said that local governments and relevant departments should further digitalize the trading of public resources. Market entities that have already undergone digitalization will not be required to submit paperwork.

China will further strengthen IPR protection and punish IPR violations and criminal activities, and establish a punitive compensation system for IPR infringement, the draft said. The country will promote corporate governance and protect shareholders' rights and interests in accordance with the law, especially the rights of minority shareholders, it said.

(Source: CGTN)