BEIJING, July 18 -- China will work to tackle the weak areas in its business environment to further improve overall competitiveness and sustain the sound momentum of steady economic performance, the State Council's executive meeting chaired by Premier Li Keqiang decided on Wednesday.
The Chinese government places high importance on improving the country's business environment. Li has urged government authorities to address the top concerns of businesses and tackle institutional deficiencies to cultivate a world-class business environment in China.
"In the face of growing international competition, we must fully appreciate the pressing need for stepping up the reforms of our government's functions, which are crucial for energizing market entities and grassroots initiative and for improving China's overall business environment," Li said at the meeting.
Recent years have seen the government's relentless efforts in cutting red tape in light of market bottlenecks and bringing the country up to advanced global standards in terms of business-friendliness. These reform endeavors have achieved notable results.
Latest figures from the Ministry of Commerce show that in the first half of this year, 29,591 foreign-invested enterprises were established, up by 96.6 percent year-on-year. According to the 2017 report of the World Bank, China ranked the 78th in ease of doing business, up by 18 spots over 2013. In the revised negative list for foreign investment the Ministry of Commerce issued in June, the number of restrictive items was cut to 48 from 63 in 2017.
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