BEIJING, Nov. 15 (Xinhua) -- Northwest China's Gansu Province will reduce the time for business registration approval to five working days in a bid to further ease market access, according to the Province's market regulator.
At present, Gansu's business registration approval time has been cut to 8.5 working days from the previous 22 working days. Its implementation of such favorable policy for enterprise registration has been already 8 months ahead of the time specified by the central authorities, said Wang Zhongxi, head of the Province's market regulator.
This regulation will apply to all types of enterprises, with private businesses as the majority.
The number of Gansu's non-public market entities has reached 1.53 million since the beginning of 2018. These entities have contributed 47.569 billion yuan of tax revenue this year, accounting for 44.45 percent of its total tax revenue.
Gansu will further ease market access and keep optimizing the business environment for private businesses, noted Wang. (Edited by Gu Shanshan)
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