China's top legislature has started review of a motion to streamline business administration through changes to seven laws, exempting more items from central government approval.
Tabled by the State Council, China's Cabinet, the bill involves amendments of laws concerning administration of pharmaceuticals, customs procedures, fisheries, marine environment protection, metrology and the tobacco monopoly.
The motion was submitted on Monday for deliberation at the bi-monthly session of the Standing Committee of the National People's Congress (NPC), which runs from Monday through Saturday.
The motion follows the recent decision by the State Council to abolish administrative approval for many items and devolve others to subordinate departments.
Details include cancellation of the minimum registered capital requirement and adoption of a system of business registration with, theoretically, any amount of money.
The move aims to "reform the industrial and commercial registration system... and ensure that government administration shifts from approval to post-registration management in a bid to stimulate vitality and creativity in the market and society," said Song Dahan, director of the legislative affairs office of the State Council.