Over the past two years and more, notable results have been achieved in streamlining administration, delegating power and strengthening regulation. State Council agencies have canceled or delegated administrative approval power for 537 items, meeting two years ahead of schedule the pledged target of cutting the number of items requiring administrative approval by one third within the term of this government. The number of investment projects subject to central government approval is down by 76%. All overseas investment projects but for a few exceptional cases can now proceed without administrative approval. For companies seeking registration, they can have their business licenses issued to them before getting administrative permits; 85% of the matters that once needed pre-registration approval now only require post-registration approval; with regard to capital registration, the paid-in capital scheme has been replaced with a pledged capital scheme; and annual business inspections have been canceled in favor of annual information disclosure. The number of qualification accreditation and performance appraisal has been cut dramatically. At the central government level, 420 administrative fees and government managed funds have been abolished or reduced, relieving businesses and individuals of their financial burden by nearly 100 billion yuan every year. While delegating power, the government has taken measures to strengthen regulation both during and after projects. Local governments at all levels are earnestly implementing the decisions and plans of the central government and stepping forward to take over, delegate or fulfill responsibilities accordingly. Some provinces have moved faster in this regard, canceling or delegating administrative approval power for over half or, in the highest case, 70% of the matters. In some provinces, non-administrative approval has even become something of the past.
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