At the National Museum of China, a unique display catches the eye: 109 official seals representing the former administrative challenges in Binhai New Area, Tianjin Municipality. These seals were retired in 2014 as part of a sweeping institutional reform aimed at simplifying bureaucracy and fostering a more business-friendly environment.
Back in 2014, despite the introduction of a socialist market economy over two decades earlier, entrepreneurs faced significant hurdles. A single investment project could require more than 30 government approvals and the use of over 100 seals, with the entire process dragging on for at least 272 working days. Such complexity made doing business in China a daunting task.
In a determined move to deepen reform, China's State Council has systematically reduced the layers of administrative approval. The overhaul includes canceling or delegating approval powers for over 1,000 items to lower-level authorities and cutting down the number of central government approval items by over 90 percent. These changes are vividly illustrated by the display of the old 109 seals, symbolizing China's commitment to institutional reform.
Today, businesses operating in China can navigate a more streamlined process, benefiting from reduced administrative red tape and faster approval times. These reforms not only enhance the ease of doing business but also reflect China's broader ambition to position itself as a more attractive destination for global entrepreneurs and investors.
Reference(s):
cgtn.com
