China will further reduce the time required for immovable property registration to make it easier for businesses and individuals to get things done, it was decided at the State Council executive meeting chaired by Premier Li Keqiang on Jan 30.
The Chinese government places high importance on work related to the unified registration of immovable property. In his report delivered at the 19th CPC National Congress, President Xi Jinping emphasized that we must concentrate on improving the property rights system and ensuring the market-based allocation of factors of production in economic reforms so that property rights act as effective incentives, and to ensure the free flow of factors, flexible prices, and fair and orderly competition.
Premier Li once pointed out that the problem of long and cumbersome processes for registering immovable property remains quite acute. The government will shorten the time required by over two-thirds in five years and bring it down to within five working days.
“Cutting the time required for immovable property registration is part of the economic structural reform. Getting this job done is particularly important as it concerns the interests of both individuals and market entities,” Premier Li said at the meeting.
It was decided at the meeting that the reform of government functions must be deepened to further cut the time needed for immovable property registration.
An interagency information pooling and sharing mechanism will be established so that information related to immovable property registration, including household registration, business license, tax payments and transactions, can be shared by the end of this year.
The registration processes will be consolidated. Single-window interagency services will be made available.
An Internet Plus immovable property registration model will be promoted whereby applications, and their reviews and government feedback, can all be made online. An applicant needs only one trip to one office to have application materials checked and see the registration completed.
“Information sharing is crucial for cutting the time needed for immovable property registration. It can significantly stimulate market vitality, as shown in many success stories,” Premier Li said.
It was decided that the time required for general registration and mortgage registration will be cut to no more than 10 and five working days, respectively, by the end of this year. And both will be reduced to no more than five working days before the end of 2020.