China makes a policy shift towards making its business environment more attractive
China changes its policy in order to make the country more attractive for foreign investors: The State Administration of Industry and Commerce (SAIC) passed a reform in February 2018, which aims at improving the commercial environment, by allowing more start-ups to enter the market.
This policy entails lowering the threshold for market access and simplifying the registration procedure. In the past years, the average daily business registration was 13,700. This number rose to 16,600 in 2017 due to the simplification of the registration procedures. As of 2018, companies will only need one license and one code to conduct business. In addition, 31 provinces implemented an electronic registration system to further ease the process.
This policy enables to increase the attractiveness of the market, by making it fairer. As Zhang Mao, head of the SAIC puts is: “Compared with previous favourable polices to attract investment such as the taxation measures, today a fair business environment is what Chinese entrepreneurs care about”.
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