Capital hurdles removed as race for investment hits fast track

at a cost of 10 billion euros ($11.4 billion).

At the meeting, Li called for the fostering of a market-driven and law-based business environment that is in line with international standards. He said the international community takes business-environment improvement as a vital indicator when considering cooperation with China.

The market access negative list and the negative list for foreign investors have been introduced and carried out, but some other barriers and restrictions still remain, said Cui Fan, a professor of international trade at the University of International Business and Economics.

Cui, also deputy secretary-general of the China Society for World Trade Organization Studies, said removing market access barriers takes a long time and requires concrete efforts before ultimately making a fair competitive playing field for Stateowned, private and foreign capital.

The new moves will promote reforms for domestic private enterprises and the further opening up to foreign companies, Cui said, adding that they will also be beneficial for attracting foreign investments amid challenges such as trade friction and downward pressure on economic growth.

In addition, the executive meeting also urged tax reductions, lower fees for enterprises and their social security contributions. More concrete measures will be deliberated and promulgated. Administrative approvals will be further cut and all such approvals not included in a new list modified by the end of next March will not be allowed.

China will further refine the business environment at its ports and boost cross-border trade, according to a work plan issued by the State Council on Oct 19.

The plan, which includes measures such as streamlined paperwork for imports, exports and shortened time for customs clearance, is aimed at promoting efficient trade facilitation and maintaining stable and healthy growth of foreign trade.

According to the plan, the number of documents required for imports and exports will be cut to 48 from the current 86 starting from November.

By the end of 2020, the government will ensure that all certificates required for customs clearance can be applied for online.

One-stop services will be further promoted so that they can cover 80 percent of administrative services related to international trade by the end of this year and 100 percent of services by the end of 2020.

The time required for customs clearance will be cut by half by the end of 2021 compared with level in 2017.

The costs for custom clearance will also be reduced as authorities are required to make public a list of fees charged at ports before the end of this month. No additional fees can be levied in export and import procedures without approval from the State Council, the plan said.