Full transcript of policy briefing of the State Council on Feb 27, 2015

Liu Yuting:

Second, the reform boosted the optimization of the structure of industries. Among the newly established enterprises in 2014, those among the tertiary industries have increased by 50.03 percent, easily outstripping the increase of those in the secondary industries — 29.72 percent.

The enterprises in the tertiary industries have taken a represent a greater share of all businesses-78.72 percent. The reform has played a significant role in boosting the thriving emerging sectors. The country has seen 146,700 enterprises newly registered with a focus on information transmission, software and information technology and services, a year-on-year increase of 97.87 percent.

The cultural, sports and entertainment sectors have witnessed 65,900 new enterprises registered, an increase of 83.51 percent. The scientific research and technological services sectors have witnessed 262,600 new enterprises registered, a growth of 70.32 percent.

Three, the reform has contributed to the construction of social credit system. With the launching of the National Enterprise Credit Information Publicity System, any groups, organizations or individuals have convenient, timely and comprehensive access to corporate information, and public supervision over the entities has been remarkably expanded. With the implementation of the provisional regulation about enterprise information publicity, there is a steady growth in the number of enterprises making public their annual reports and releasing information quickly. As off Feb 15, 2015, there have been 7,191,700 enterprises submitting or releasing their annual reports for 2013, accounting for 48.90 percent of all the requested enterprises. Selective examination conducted by the localities about the enterprises information publicity has progressed smoothly.

Fourth, the reform has led to increased employment and has contributed significantly to boosting entrepreneurship. As of the end of 2014, the privately owned sectors employed 250 million people across the country, an increase of 31,176,600 people compared with the end of 2013 — a growth of 14.26 percent. Individual businesses, privately owned enterprises and the service sectors have become the major avenues attracting new employees.

Liu Yuting:

Fifth, the market economic order has maintained stability and momentum of development. With the business system reform, most investors have acted in a reasoned manner and have been fully aware of their rights, interest and responsibilities regarding subscribed capital contribution. Most enterprises have not resorted to unreasonable expansion in the scale of their registered capital. Before the implementation of the reform, there were concerns about a potential scenario of drastic surging or plummeting of registered capital. There were some cases but not as drastic as predicted. With the National Enterprise Credit Information Publicity System effectively functioning and the perfecting of annual reports and release of information, market order has been maintained.

Sixth, the reform has improved the environment for business operations. It has also advanced the facilitation of the industrial and commercial registration system. The expected time for registration has been remarkably shortened, and utilizing the efficiency of capital has increased significantly. The corporate environment has been strengthened. Foreign enterprises and foreign investors are strengthening their investment in the country.