State Council resolves to cut paperwork for some foreign investors

Beijing will relax its rules for foreign investment in a new drive to support economic development, reports the government-run news agency Xinhua.

Some administrative approvals would no longer be necessary for foreign investors setting up in the mainland, eliminating about 95 percent of current procedures.

The announcement came after last weekend’s State Council meeting, chaired by Premier Li Keqiang.

Measures to improve the business environment and create a level playing field for domestic and foreign companies were important, Xinhua reported.

More private investment would be encouraged in areas that include medical, education, culture and sports.