Chinese Premier Li Keqiang said Friday the country will further improve its business environment to unleash market vitality and creativity.
Although the business environment in China has notably improved in the past few years thanks to government reform, the improvement still falls short of market expectations, Li told a press conference after the conclusion of the annual session of China’s national legislature.
In 2018, China advanced to a global ranking of 46 in terms of ease of doing business, up from 78 in 2017, according to a World Bank Group report.
“To further improve the business environment, the government will continue to focus on streamlining administrative approvals and delegating power to lower levels, as well as on improving regulation,” Li said.
China will ensure that companies of all types of ownership will stand to benefit as equals from the measures of administrative streamlining, he added.
“Tax and fee cuts together with administrative streamlining and impartial regulation are important measures to counter the downward pressure on the economy and boost market vitality. The purpose is to ensure steady and sustained growth of Chinese economy,” Li added.
China will continue to push forward the reform and opening up toward greater depth and breadth, pursuing market-oriented and law-based reforms to ensure that concrete outcomes will be delivered through specific actions, he said.