BEIJING -- Premier Li Keqiang has issued a State Council decree amending and abolishing a number of business regulations so as to make the market more accessible and invigorate social investment.
The decree, which amended eight regulations and abolished two, will come into effect on March 1.
The amendments and abolitions lifted restrictions on minimum registered capital, payment deadlines, down payment ratio and cash ratio of registered capital.
The decree also asked authorities to publish registration information through an enterprise credit information system.
China will replace the current annual inspection system with one based on self-reporting, and promote electronic business licenses, which have the same legal validity as physical ones, according to the decree.