Shanghai has plan to enhance its business environment

SHANGHAI has pledged to improve its business environment by streamlining government services in the global financial hub, and providing more support for foreign investment and global expansion. 

The Chinese city’s municipal authority aims to enhance regulatory transparency and approval efficiency to support emerging industries, and to formulate targeted measures to optimise the business environment for key sectors, according to an action plan posted on the local government’s website on Sunday (Jan 4).

The plan calls for stricter supervision and enforcement of rules against monopolistic and unfair practices, as well as stronger efforts to curb “involution-style” competition. Measures include improving financing coordination mechanisms for small and micro enterprises to address financing challenges, standardising intermediary financing services and cracking down on illegal ones.

Authorities also plan to tackle the spread of false and misleading information about companies during key milestone events such as initial public offerings and prevent coercion into commercial partnerships. The plan emphasises strengthening the primary responsibility of Internet platforms, and improving the quality and efficiency of handling online infringement cases involving enterprises. BLOOMBERG