China reforms business system to stimulate market

Zhang Mao(back, R), minister of the State Administration for Industry and Commerce (SAIC), arrives for a press conference during the third session of China's 12th China's National People's Congress (NPC) in Beijing, capital of China, March 9, 2015. (Xinhua/Li Xin)

BEIJING, March 9 -- China will continue to reform its business system to ease government regulations for companies and inject vitality into the market, Zhang Mao, minister of the State Administration for Industry and Commerce, said on Monday.

"Chinese authorities will continue to streamline administration, delegate more powers to lower levels so as to give the market and society more play in economic development, and ease regulations for businesses," Zhang said at a press conference on the sidelines of the national legislature annual session.

China this year will further simplify the process for entrepreneurs to register or nullify their businesses, give companies more decision-making power to choose their business scopes, he said.

"China will also press ahead with the reform of integrating the business license, the certificate of organization code and the certificate of taxation registration into one certificate to ease the registration procedure for companies," Zhang said.