The State Council's executive meeting chaired by Premier Li Keqiang on Wednesday adopted the draft Regulation on Market Entity Registration and Administration, to provide legal safeguards for cultivating and strengthening market entities, spurring entrepreneurship and innovation, and maintaining market order.
Thanks to institutional reforms in the business sector in recent years, the number of market entities increased by over 60 million during the 13th Five-Year Plan period (2016-2020). This has helped to boost economic vitality and resilience, and added a large number of jobs.
The reform of government functions will be deepened to turn practices proven effective into institutional norms, with a special focus on improving the basic system of market entity registration and administration.