China streamlines investment procedure

China will further reduce approval reviews on investment and grant enterprises more autonomy.

Investment in 15 categories, including urban roads, water supplies and chemical fertilizers, will no longer need government approval, said a statement released after a State Council executive meeting chaired by Premier Li Keqiang on Wednesday.

All overseas investment, as long as it is not subject to regulatory prohibition, will be exempt from reviews, according to the statement. Enterprises will only be required to register with authorities rather than wait for a government green light.

Approval of 23 categories, including airports and local power grids, was devolved from central authorities to local governments. The kinds of investment that require central approval are now 40 percent fewer than in 2013.

In addition to streamlined procedures, China will endeavor to be more logical and effective in supervising investment.

"The reduction of approval reviews is significant as it can unlock great market potential and bolster investment, key to economic growth," noted the statement.