Beijing Simplifies Procedures for Fixed Assets Investment

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Last updated at: (Beijing Time) Friday, May 10, 2002

Beijing Simplifies Procedures for Fixed Assets Investment

The examination and approval period will be shortened from 480 days to 60 to 180 days, said Xin Tieliang, director of the office for reform of the administrative approval system of the municipal government.

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Beijing will simplify the procedures for approving fixed assets investment projects.

The examination and approval period will be shortened from 480 days to 60 to 180 days, said Xin Tieliang, director of the office for reform of the administrative approval system of the municipal government.

Xin said that fixed assets investment projects would be examined and approved by a special center or via a computer network.

According to Xin, about 41.7 percent of the administrative approval procedures in Beijing had been simplified since 2000. The reform focused on economic affairs in an effort to meet the rules of World Trade Organization and improve the investment environment.

Previously, the procedures for approving fixed assets investment projects in Beijing were quite complicated, involving more than 30 governmental departments.

"One-stop" offices had been set up in 18 districts and counties to offer convenient services for investors and the public, Xin added.

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