Shanghai Free Trade Zone 8 Years on / Policies

Shanghai issues policies to improve business environment in Pudong |  Updated:2021-09-29

The Shanghai Municipal People's Congress passed two local regulations concerning market entities on Sept 28.

According to the regulations, which aim to improve the business environment, Pudong will continue to push ahead with its reform of operating licenses, as well as force ineffectual market entities to nullify their registrations.

Pudong has been implementing a pilot program since 2019 that integrates multiple licenses companies need to start businesses into a single certificate. The new regulation clarifies the basic principles of the reform and its scope of application, as well as pledges more supporting efforts.

Ineffectual market entities are required to cancel their registrations in time or they will be forced to do so. The procedures for cancellation will be simplified and can be processed online to increase work efficiency. This practice is expected to reduce risks and save social resources.

The two new regulations focused on improving the business environment in Pudong and will build the area into a high-level open market, said Ding Wei, director of legislative affairs commission of the Standing Committee of the Shanghai Municipal People's Congress.

The Shanghai Municipal People's Congress and its standing committee received approval this June to create local laws and regulations to suit the conditions in Pudong.

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