China to cut enterprises red tape

The Chinese government will roll out more measures to cut red tape for enterprises, according to a statement issued by the State Council, China's cabinet, on Wednesday.

Streamlining administrative procedures will foster entrepreneurship and boost employment, said the statement released after a cabinet meeting presided over by Premier Li Keqiang on Tuesday.

To facilitate investment and companies' smooth operation, 87 items that previously required sophisticated government approval procedures will be removed or delegated to lower-level authorities, the statement said.

The central government will also reduce market access barriers, including by simplifying the registration of for-profit medical care and old-age care institutions.

Dozens of evaluation programs, as well as vocational qualification schemes deemed to lack professional or technical rationale will be canceled, in order to ease the burden on companies and entrepreneurs, according to the statement.

The meeting also stressed the importance of developing the service sector relating to science and technology, focusing on intermediate services for research and development (R&D), technology transfers, incubation of start-ups, and on protection of intellectual property rights.

The government will guide social capital into these areas, build platforms, and step up fiscal and financial support for related service providers, said the statement, without specifying when any of these moves will be made.

The pledge came just a day after Chinese President Xi Jinping emphasized the role of innovation in driving China's economic transition.

During a meeting of the Central Leading Group on Financial and Economic Affairs on Monday, Xi said innovation should be the driving force behind transition in China's development model.