China Cuts Down Bureaucratic Regulations for Businesses: Reports

MOSCOW, November 24 (Sputnik) — Beijing has decided to cut back on the number of items requiring government approval in order to reduce the redtape-linked costs for businesses, Xinhua news agency reported Monday.

A total of 58 procedures will be exempt from governmental approval or passed on to municipal governments to ease processes. Of the 58 items, 45 relate to business and investment reviews, while another 12 to financing, Xinhua said.

According to the news agency, the decision exemplifies the reforms the Chinese government has pledged to undertake to cut the levels of bureaucracy in the country. In March, China's Premier Li Keqiang said that over 200 review procedures would be abandoned.

Some 2.65 million businesses were set up in the first nine months of 2014, which is 52 percent more than last year, Xinhua reported citing government data.

In October, the Chinese Communist Party pledged to improve the situation in courtrooms and make the whole judicial system transparent. In addition, Chinese state media has reported that the country was considering decreasing the number of crimes that carry the death penalty.