China to further cut red tape, support small tech firms
Updated: 2016-01-13 22:12
BEIJING -- China's cabinet decided on Wednesday to abolish more items requiring administrative approval and step up support for small high-tech firms to unleash economic vitality.
The government will cancel administrative approval power for another 150-plus items at the local level, according to a statement released after an executive meeting of the State Council chaired by Premier Li Keqiang.
Authorities will also abolish more than 10 administrative licensing items that have held back innovation and entrepreneurship, and official qualification will no longer be demanded for 61 occupations, including baristas.
The statement said 192 intermediary services required for businesses to obtain administrative approval will be cleared up, bringing the total number of such services down to 30 percent of the original level.
Laws and regulations will be changed to provide legal support for the streamlining process, according to the statement.
Cutting red tape and delegating powers to lower levels with an aim to give markets a bigger say in the economy has been high on the Chinese government's agenda.
State Council agencies have canceled or delegated administrative approval power for 537 items since March 2013, meeting the target to cut the number of items requiring approval by one-third within the term of this government two years ahead of schedule, official data showed.
At Wednesday's meeting, the State Council also decided to lower the threshold for small and medium-sized companies to be recognized as high-tech enterprises that qualify for government support.
The move will encourage investment in research and development, promote mass entrepreneurship and innovation, and help upgrade the economy, according to the statement.
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