China will implement new regulations aimed at making business easier from January 1, 2020, the State Council of the Asian giant announced on Wednesday (23.10.2019), amid growing pressure on the world's second-largest economy.
The new policies, approved by Premier Li Keqiang, They will guarantee equal access and protect fair competition in the market.They also promised to strengthen existing protections under the law.
Foreign companies operating in China have long complained of unfair treatment in market access, cumbersome bureaucracy and lax law enforcement.
China's private companies, which have found it more difficult to access financing than their state-owned peers, have also been hit hard by the economic slowdown.
The measures indicate that foreign and local companies should be treated equally, as should all market entities, regardless of ownership.
China to create sanctions system for intellectual property violations, according to the measures. Protection of intellectual property is a key issue in negotiations between Beijing and Washington to end a bitter trade war.
The measures also state that public tenders and government purchases must be transparent, fair and open to all.
Source: Reuters
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