Premier Li Keqiang gave instructions to a national teleconference on China’s business registration system reform on Sept 22 to integrate “three certificates into one” with unified credit codes.

The reform will enable a smoother registration of legal people and organizations by integrating the business license, certificate of organization codes and certificate of taxation registration, and introduce a new social credit code to enterprises.

The Premier said speeding the promotion of the reform will benefit people, companies and the country and will also inspire the market, adding new engines to the economic development of China.

He also said the reform should be completed by year’s end, and that it will further help reduce pressure and provide fuel for the market, build a business environment that is convenient and legalized and promote mass innovation and entrepreneurship.

State Councilor Wang Yong attended the meeting, during which he stressed that departments should unify coding and tagging rules, registration procedures and document formats and make sure new enterprises can complete their registration at one counter.

The reform should be synchronized with different divisions, sectors and places and there should be a smooth transition to the new system to ensure it can be started smoothly on Oct 1, said he.