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China details investment administrative approvals

Updated: 2013-12-14 16:03
( Xinhua)

BEIJING-- China has mapped out a detailed catalog of administrative approvals for investment projects so as to deepen systematic reforms.

The State Council, China's cabinet, has regulated levels of administrative approval for investment projects in different industries, and required thorough implementation of the new system, according to a statement posted online on Friday.

If any project is not included in the catalog, the enterprises in question will be put on record for reference and management.

All investment projects have to follow the country's laws and policies concerning access standard, land use, environmental protection, credit and technology, the statement said.

The State Council especially demanded a tackling of production overcapacity in the industries of steel, electrolytic aluminum, cement, sheet glass and shipping.

The statement added that projects that fail following the approval process will be disqualified from credit support.

In steps to cut government interventions that hinder growth, this year has seen the removal of more than 300 administrative approval items, which has helped to drive a notable rise in the number of business registrations.