BEIJING: China has simplified procedures for the government to approve investment projects to increase transparency and efficiency, the country’s top economic planner said yesterday, the latest effort to streamline administration and devolve more power to firms.
The government will only vet certain aspects of projects considered strategic, such as those pertaining to environmental protection, economic security and monopolies, according to new rules. Companies will be given more autonomy in deciding matters such as investment returns and financing, the government said, without giving more details. It also said the government’s approval process and decision should be publicised to improve disclosure and allow for greater supervision. Reuters