Guangdong’s new regulations to further improve business environment

Guangdong’s legislature voted to adopt new regulations to further optimize the business environment and stimulate the vitality of market entities and as well as innovation capacity of the society, which will take effect on July 1.

The regulations have involved effective policy measures in the reform to delegate power, streamline administration and improve government services, promoting the development of private economy, and the digital government reform over the past few years.

According to the regulations, all marketing policies will be strengthened involving factor resources like workforce, land, capital, technology and data.

Business costs will be reduced to help enterprises out of the difficulties brought by the pandemic.

Micro, small and medium-sized enterprises will be provided with support in terms of financing, business loans and government procurement.

Furthermore, the exchanges and cooperation with Hong Kong and Macao in optimizing the business environment will be enhanced, apart from aligning the rules and mechanisms in terms of investment and trade, market access, recognition of standards, property rights protection, government and legal services, whilst also facilitating the free flow and allocation of various cross-border factors.

According to the regulation, the working mechanism of foreign-related legal services will be improved and the development of foreign legal institutions as well as the cultivation of foreign legal talent will be strengthened.

In addition, a foreign-related legal service platform for both parties of supply and demand will be built, and lawyers and other legal service talents will be supported to play a role in overseas investment decision-making, project evaluation, and risk prevention for different market entities.

Reference:

The regulations on Optimizing Business Environment in Guangdong Province (In Chinese)

http://www.gdrd.cn/xwdt/202206/t20220602_186811.html