China will continue to improve the ease of doing business, said a senior finance official on October 25.
"We will further streamline procedures, reducing time and costs," Yu Weiping, vice-minister of finance, said at a news conference.
China's overall ranking in the World Bank Group's Doing Business 2020 study surged to the 31st spot this year, from 46th a year ago and 78th in 2017.
In recent years the country has taken bold measures, such as easing the setting up of businesses, tax reductions, the protection of IP and the expansion of market entry, to encourage investment from domestic and foreign enterprises.
The State Council, China's Cabinet, approved a regulation on October 23 to further improve the country's business environment and open up its economy.
Wang Chunying, spokesperson and chief economist of the State Administration of Foreign Exchange, said on October 25 that the administration will implement 12 measures to facilitate cross-border trade and investment in an effort to deepen the reforms to streamline administration and optimize government services, as part of the country's supply-side structural reform in the financial sector.
Source: China Daily
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