Recent years, China's business environment continues to improve, in order to encourage places with conditions to further target the highest standards and levels of early pilot, and accelerate the construction of business environment system with internationally accepted rules, the State Council proposed the following highlights on October 31st, 2021.
Considering the economic volume, the number of market entities and the infrastructure conditions for reform, the scope of the first pilot cities are 6 cities as Beijing, Shanghai, Chongqing, Hangzhou, Guangzhou and Shenzhen.
Further break the regional division and local protection and other unreasonable restrictions, including: reform of multiple locations for one license or certificate, information changes on business branches and chain stores, removal of unreasonable conditions for cross-regional operations and relocation, removal of invisible restrictions on the establishment for foreign enterprises, and the cross-regional mutual recognition of licenses and qualifications for enterprises.
Improve a more open, transparent, standardized and efficient access and exit mechanism for market entities, including: the convenience for name registration of market entities, information changes and bank account opening, the "multi-reporting in one" reform of enterprise annual reports, the de-listing system for market entities, the bankruptcy pre-restructuring, the credit repair mechanism for enterprise bankruptcy restructuring, and the allowance for creditors to recommend the appointment of bankruptcy administrators.
Better support the innovative development of market entities, including: allowing the issuance of food business licenses for new industry formats such as automatic food preparation and sales equipment, the open use of high-precision maps for intelligent networked vehicles, market-based pricing and trading mechanisms for intellectual property, and pilot projects for securitization of intellectual property.
Continuously improve the facilitation of cross-border trade, including: the customs clearance facilitation such as "combined port" and "one port pass" in the region as Guangdong-Hong Kong-Macao Greater Bay Area, the information matching and sharing of railroad, highway, waterway, air and other transportation links, the free flow of scientific research equipment and consumables across the border, and the simplification of import and export procedures for equipments and samples for R&D purposes.
Optimize the management of foreign investment and international talent services, including: the establishment of the one-stop multi-dispute resolution center for foreign-related commercial matters, the reorganization for the notice of hearing by the domestic arbitration institution as the visa documents, the development of local criteria for the identification of foreign "high precision" talent, the establishment of the recognized list for international vocational qualifications, the permission of domestic enterprises and Chinese citizens to open schools for children of foreigners, and the simplification of commercial registration processes and materials for Hong Kong and Macao investors.
Further strengthen and innovate supervision, including: systems such as punitive compensation, and the establishment of a sound practice integrity system in the fields of medical care, education, and engineering construction.
Protect the property rights and other legitimate rights and interests of various market entities in accordance with the law, and strengthen overseas collaboration in the protection of intellectual property rights.
Optimization of regular business-related services, including: unified registration for movable assets and rights guarantees, non-contact issuance of tax UKey, "multi-tax in one" filing reform, trial implementation of electronic tax payment and issuance of electronic tax completion certificates, and the "one website" and "one license" for business-related matter handling.
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Mr. Mike Chang (Partner)
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Email: mikechang@shanghaiinvest.com