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Administrative reforms help stabilize economic growth

Updated: Jul 27,2014 2:31 PM     Xinhua

Premier Li Keqiang (3rd L) attends a symposium with heads of some newly-registered enterprises in Jinan, capital of East China’s Shandong province, July 25, 2014.[Photo/Xinhua]

The government’s efforts to reduce administrative approval procedures and delegate power to lower levels have contributed to China’s stable economic growth, Premier Li Keqiang has said.

The premier made the remarks during a recent symposium with owners of small and micro-sized enterprises in Jinan, capital of east China’s Shandong province.

The government’s administrative reforms, including one that seeks to simplify business registration and ease market access since February, has seen a surge of newly registered companies.

The premier said that 1.68 million businesses were registered nationwide in the first half of this year, up 57 percent year-on-year.

Among them, 1.58 million were private businesses, and they provided nearly 10.1 million jobs, the premier said.

Company representatives at the meeting with Li said that the government’s efforts have boosted their enthusiasm for doing business.

The premier said that government organs will continue to reduce administrative procedures for small firms, and businesses will not to be hurdled by unreasonable rules.

Supervisors should relax unnecessary controls, fulfill their regulatory duties and support companies in need, Li said.

The government should also pay more attention to fiscal support and financial services to newly registered small firms, he added.

China’s economic growth rebounded to 7.5 percent in the second quarter from 7.4 percent in the first, with growth in the first half at 7.4 percent.

The premier said that the growth was within the proper range, and market expectations are pointing to a better outlook. However, downward pressure still remains and targeted measures will continue to be used to boost market vitality and generate growth, he said.