BEIJING, Nov. 27 -- With the introduction of the regulation on bettering the business environment, China will take further steps to foster a world-class, market-oriented business environment governed by a sound legal framework.

Greater efforts will be made to tackle the difficulties that market players of all types face in their business operations, the State Council decided on the executive meeting on Wednesday chaired by Premier Li Keqiang.

The regulation on bettering the business environment, which is scheduled to be implemented on Jan. 1 next year, draws upon China's successful practices and experience in recent years in transforming government functions and improving the business environment.

The regulation has also set in a legal framework the requirement for building a world-class, market-oriented business environment governed by a sound legal framework. The Wednesday meeting required local governments and departments to swiftly issue supporting measures and bring all existing ordinances and normative documents in line with the regulation by revising or repealing any inconsistencies.

"Energizing the market is a key step in countering the downward economic pressure. We will continue with the tax cuts and reform of government functions for a better business environment in China," Li said.

In the World Bank's October report of Doing Business, China ranked 31st among 190 economies, up by 15 spots from the previous year.

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