Visitors to the Palace Museum manage to protect themselves from the hot sun in Beijing on May 26, 2024, with some putting up umbrellas and some wearing protective clothing and hats. After a brief temperature drop, Beijing returned to sunny mode, with highs soaring to 29 C in the afternoon. Photo: VCG

China's State Administration for Market Regulation (SAMR) on Wednesday unveiled 40 measures to optimize business environment, promote internationalization of China's vast market, in order to attract more foreign investment.

The SAMR officially released the draft Key Measures for Market Regulation Departments to Optimize the Business Environment 2024 Edition, which contains 10 sections and 40 specific measures for public comment.

The move is aimed at implementing the latest Chinese government directives on improving the business environment to reach international standards, the regulator said.

SAMR pledged to continue enhancing the registration management of foreign-invested enterprises by refining the registration system and streamlining notarization and certification procedures.

It vowed to enforce the Special Administrative Measures for Foreign Investment Access (Negative List) and introduce new guidelines to help foreign-invested enterprises adjust their organizational structure, and enhancing the foreign-invested enterprise data management platform for better data analysis.

SAMR said China will unwaveringly promote high-level opening-up, proactively respond to the requirements made by foreign businesses, and create a more attractive investment environment.

The move came as China has prioritized optimizing the business environment. Previously, many localities in China have actively responded by improving the cross-border business environment, and collaboratively promoting high-quality opening-up of China's market.

Central China's Henan province launched a pilot reform for electronic guarantees of cross-border e-commerce import taxes in April, significantly boosting customs clearance efficiency. Cross-border enterprises can now apply online for electronic guarantees, speeding up the process and expanding their development space within the province, Chinese media has reported.

Also in South China's Hainan province, the local government introduced an action plan to enhance the international business environment on May 23, aimed at simplifying registration for foreign investors, increasing financial and tax support, and implementing tax deferrals on reinvested profits. It also announces to build a robust digital trade environment and align key sectors like finance, transportation, health, and medical care with international standards.

Additionally, SAMR plans to deepen international cooperation, focusing on anti-monopoly issues and aligning with high-standard international trade rules to promote fair market competition. The regulation emphasizes the importance of standards in expanding high-quality opening-up, supporting foreign enterprises in participating in standards setting, and promoting Chinese standards globally.

Global Times