China to push for reform on oil and gas pipeline operations -- China will take measures to encourage fair and open access to the country's oil and gas pipelines as part reform to increase efficiency in the sector, according to a media report. Policies will be rolled out to allow third-party access to pipelines operated mainly by the country's three state-owned oil giants, Xinhua-run Economic Information Daily reported on September 5.
China bans ICOs as risks abound -- Chinese authorities on September 4 ordered a ban on Initial Coin Offerings (ICOs), a nascent form of fundraising in which technology start-ups issue their own digital coins, or "tokens", to investors to access funds as the rapidly expanding market spawned concerns over financial risks. Starting from September 4, ICO activities should be halted, and ICO platforms should not engage in exchange services between fiat currencies, virtual coins and tokens, said a statement from the People's Bank of China.
China further cuts red tape to improve business environment -- China will keep streamlining administrative approvals and cutting red tape to improve business environment, a State Council executive meeting chaired by Premier Li Keqiang on September 6 decided. The government will expand a pilot reform already in trial in the Shanghai Pudong New Area on separating operation permits with business licenses and clearing 116 approval items, to 10 free trade zones across the country, including those in Tianjin, Chongqing, Liaoning and Zhejiang. Provincial governments are authorized to extend the measures to eligible national-level new areas, innovation demonstration zones, high-tech industry zones and economic and technology development zones.
China to further reform to drive innovation -- China will step up reform to support innovation by removing barriers to entrepreneurship and innovation. The government will roll out a host of reform measures that have been piloted in eight areas, including the Beijing-Tianjin-Hebei region, Shanghai and the Pearl River Delta, since June 2016.
China revises law to better support SMEs -- China's top legislature on September 1 revised a legislation to better protect the interests of small and medium-sized enterprises (SMEs). The revision has strengthened protection on the property rights and other rights of SMEs and increased support in areas such as financing, taxation and employment.
China to improve quality certification -- The State Council, China's cabinet, said on September 6 that it will strengthen quality certification to help create a fair market environment and raise the quality of Chinese-made products. China will improve its quality management system to suit the characteristics of different industries, focusing on the aviation, railway, automobile and information sectors. The government will expand the coverage of quality certifications and encourage all kinds of companies, especially service providers and small and micro-sized enterprises, to obtain certification.
China eyes standard pricing mechanism for monopolized sectors by 2020 -- China will establish a scientific, standardized and transparent pricing mechanism for monopolized sectors by 2020, the country's top economic planner said on September 1. The pricing system should allow "reasonable profits" for businesses, according to a guideline released by the National Development and Reform Commission. Major monopolized industries include power transmission and distribution, natural gas pipelines and railway transport.
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