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13 December 2013

China reduces State intervention in the economy

According to a newswire story dated 11 Dec. reported by The BRICS Post, China's cabinet has decided to further limit the approval role of the central government as part of its efforts to reduce intervention in the economy.
"China's cabinet released a statement outlining the removal of 82 powers from a number of central government ministries, including the powerful National Development and Reform Commission (NDRC) and the Ministry of Environmental Protection.
The list released on Tuesday includes the cancelling or dissolving of power to lower levels on coal production approvals, permission of setting up foreign commerce chambers and checks on returning imported cargoes.
Facing a domestic economic slowdown and a still fragile world economy, the Chinese leadership has made transforming government functions a top priority to spearhead broader reforms.
The latest decision followed similar steps earlier this year that saw the removal of more than 300 administrative approval items, which the government claims helped to drive a notable rise in the number of business registrations."

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