China to lower transaction costs to improve business environment, aims to clear all hurdles for market access by end of October – State Council
China to lower transaction costs to improve business environment, aims to clear all hurdles for market access by end of October – State Council

China to lower transaction costs to improve business environment, aims to clear all hurdles for market access by end of October – State Council

 

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China is moving to reduce institutional transaction costs and expand market access for businesses, part of efforts to improve business environment, support companies and help stabilize the macro economy, according to a document released by the State Council, China’s cabinet, on Thursday.

The document called for detailed plans for the implementation of the negative list for market access, including the launch of a negative list for cross-border services trade and adoption of the negative list management mechanism for overseas investors. 

In particular, it asked government departments and local authorities to clean up visible and invisible hurdles for market access before the end of October, as well as establish a long-term mechanism to clear such hurdles.

The measures also target unreasonable fees so as to relieve the burdens of market entities. For example, China will further clean up and adjust unreasonable fines and improper fines.  Securities firms, funds and other institutions are also encouraged to further reduce service charges for their customers.