Investment approvals to be speeded up
Print Edition
THE government is promising faster processing of investment applications by reforming the approval process.
Currently a company needs stamps from more than 30 government departments before its investment project is approved and they have to go through the procedures one by one.
By the end of this year, the number of such steps will reduce to two or three, Xu Shaoshi, minister in charge of the National Development and Reform Commission, told a press conference. Other steps will be simultaneously processed on government websites, Xu said.
The NDRC is negotiating with other departments to realize this reform, he said.
China eased investment approval procedures last year by canceling 15 approvals and delegating 23 approvals from central to local governments. Along with measures taken in 2013, 76 percent of administrative approvals had been abolished or delegated, Xu said.
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