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From International Business Times

Updated: Jun 3,2015 5:10 PM

China pledges to cut red tape, open financial sector - and spend $40b on railways - to boost slowing economy

Analysts said most of the measures were not completely new — but the statement adds to a sense that the government wishes to be seen as responsive and decisive on key economic issues.

One commonly stated concern is the difficulty for small enterprises to obtain loans from big state banks — and the State Council’s proposal to “speed up the development of private banks and small financial institutions” may be designed to tackle this problem.

And though the government has talked of reforming China’s bureaucracy for many years, some foreign business people who have met with government officials recently have said that they believe the authorities are now more serious about trying to cut red tape, and allowing market mechanisms to wield greater influence.

(Premier) Li was recently quoted as saying that some bureaucracy in China was so complex that it was “laughable,” and the cabinet has announced several measures aimed at streamlining the policy approval process, and making it easier for companies to do business.

-- International Business Times