BEIJING, April 26 (Xinhua) -- China has decided to further cut red tape by integrating separate business licenses to improve the business environment and stimulate market vitality.
All certificates related to business registration will continue to be sorted and merged into one license, according to a State Council executive meeting presided over by Premier Li Keqiang on Wednesday.
The government expects the move -- another step in loosening the grip on the market -- will create a more favorable business environment, allow a faster and more convenient process for setting up businesses, and improve productivity.
The new policy will be applied to all industries and regions, said a statement released after the meeting.
In the face of downward pressures, China has rolled out an array of measures to streamline administration and give the market greater say in hopes of sustaining economic growth.