China to further improve the business environment, lower institutional transaction costs

China will take further steps to foster an enabling business climate and lower government-imposed transaction costs, to continuously ease the burden of market players and unleash their vitality, according to the decision made at the State Council executive meeting chaired by Premier Li Keqiang on Aug 31.

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Unwarranted business-related fees will be redressed thoroughly. The exercise of government power will be strictly delimited. Irregularities such as arbitrary charges and excessive taxes and fees will be held accountable.

• On industrial production approval, a category-based approach will be adopted in regulating products of the same series.

• Regulatory oversight will be strengthened, and production and sale of counterfeit and substandard goods will be clamped down resolutely, to uphold fair competition.

• The mechanisms for the gathering and handling of clues to problems in the business environment will be improved.