Regulators to approve investments online
Updated: 2015-02-14 15:04
BEIJING - Chinese enterprises will soon be able to avoid rushing between offices to get investments approved as authorities will launch online processing of their applications.
The online platform will go into operation this year, said a spokesperson for China's top economic planner, the National Development and Reform Commission (NDRC), at a press briefing on Friday.
It will allow applications to multiple ministries, including those involved with economic planning, urban-rural development, land resources management and environmental protection, all of whom are gatekeepers for enterprises needing approval for investments.
The companies will be able to submit their investment applications online and then wait for government organs to review them.
Although procedures have been simplified, Chinese businesses still have to get official approval for investments in over 30 different scenarios, which involve nearly 20 government organs, before they can actually go ahead.
The central government expects the new process to make the process more convenient, transparent and easily supervised. This move is its latest effort to stimulate the economy and make the market more dynamic by relaxing controls.
The NDRC promised on Tuesday that it would continue to streamline administrative procedures and delegate powers in 2015 to allow the market to play a more decisive role. It described such measures as "long-acting therapy" for the economy.