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The new measures were adopted at a Chinese Cabinet meeting on Sunday chaired by Premier Li Keqiang.
“The move will foster a market environment of fairness and competition, mobilise social capital, encourage small and micro enterprises to grow and boost employment”, according to a statement released after the meeting.
“It is necessary that the measures be carried out across the board,” the statement said.
The reform measures announced during the meet could further cut red tape in the Asian nation as well as support long-term growth.
The Chinese Cabinet said the 30,00 yuan requirement for establishing limited liability companies, the 100,000 yuan requirement for establishing single-person limited liability companies, and the five million yuan requirement for establishing shareholding companies will be scrapped.
Requirements on sites registered for business operation will also be relaxed, the statement said.
A system of subscribed capital will also be promoted in an effort to lower the cost of founding a company.
The meeting asked local governments and various departments to speed up the amendment of related laws and regulations, as well as to construct a system to display corporate credit information.