Government and Policy

China approves individual business legislation

(Xinhua)
Updated: 2011-03-30 21:23

BEIJING- A meeting of the State Council, or China's cabinet, approved a draft regulation on Wednesday for the country's privately-owned businesses, aiming to develop their role in economic growth and employment.

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According to a statement from the meeting, which was presided over by Premier Wen Jiabao, the draft regulation was aimed at supporting "healthy development" of individual businesses and "giving full play to their important role in economic and social development as well as in providing employment opportunities."

The new regulation eliminates limits on the number of people privately-owned businesses may employ and also pares down restrictions on job applicants.

The draft also specifies support measures for privately-owned businesses and their codes of conduct.