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Streamlined administration stimulates market

Updated: Mar 3,2017 11:59 AM

The reform of streamlining administration and delegating power to lower-level governments is a major strategy of this administration to transform government functions and stimulate the market.

In recent years, under the context of a gloomy global economy and domestic downward pressures, instead of releasing strong stimulation measures, China made efforts to promote streamlining and structural supply-side reforms to boost the economy.

So far, the target of reducing by more than one-third previous administrative approvals has been successfully accomplished beyond expectations.

The joint efforts made by central and local governments to streamline administration and strengthen regulations and services provided conveniences for people, reduced institutional costs for enterprises, and created a favorable environment for the market.

Such efforts are not only strategic in pushing forward economic and social development, but also key methods to improve modern governance.

But it doesn’t just happen overnight. It takes patient, careful and ongoing efforts to implement the reforms, which is in fact a self-revolution of the government.

In addition, the relationship between government and market will be better handled to make the best of the “visible” and “invisible” hands.

To further carry out the reforms, governments should create plans and specific roadmaps.