BEIJING, Jan. 1 (Xinhua) -- China on Wednesday started to implement the regulation on optimizing the business environment to unleash the productive forces and promote high-quality development.

Drawing on the experience and practices, the regulation specifies the principles and directions for fostering a stable, fair, transparent and predictable business environment.

The regulation stipulates that the state shall provide equal protection to all market entities, and protect their managerial autonomy, property rights and other legitimate rights and interests.

It also clarifies rules regarding solid implementation of tax and fee reduction policies, and easing financing difficulties.