China-ASEAN forum to focus on company registration reform

Reform of company registration requirements has increased the number of new companies and amount of registered capital, and this will serve as the main topic of discussion at the inaugural Trade and Commerce Forum at this year's China-ASEAN expo, an official at the State Administration of Industry and Commerce said on Tuesday.

Yu Fachang, director of the General Office at the administration, said, "The reform of registered capital requirements, since it came into force in March, has strongly promoted stable growth and employment, stimulated private investments and entrepreneurial enthusiasm, and visibly increased the number of new companies and amount of investment."

In the March–July period, the administration registered over 5.5 million new companies, a year-on-year growth of 18.6 percent. Meanwhile, the total amount of registered capital surged 58.61 percent to 9.05 trillion yuan ($1.47 trillion).

The reform was passed by the national legislature in Dec 2013 as part of an amendment to China's Corporation Law. It canceled minimum registered capital requirements for new businesses.

Trade and Commerce Forum of the China-ASEAN expo will be held in Nanning, Guanxi on Sep 17.

The forum platform can be used to explain China's reform and, likewise, allow ASEAN nations to explain the market access policies of their own nations in order to promote bilateral trade and employment, Yu said.

"We hope that rewards of this reform not only benefits China but also other nations and regions, especially the neighboring ASEAN nations, to push forward the sustained, stable and speedy development of bilateral cooperative trade relations."