Beijing’s Chaoyang district is ramping up efforts to improve its business-doing and consumption environment through updating its market regulation approach, said the district’s market regulatory body.
Aiming to boost market vitality, Chaoyang has incorporated 187 minor violations into its flexible law enforcement framework, leading to a reduction of fines totaling 18.13 million yuan ($2.5 million) in the first half, according to latest data from Chaoyang District Administration for Market Regulation.
In addition to flexible law enforcement, the district has also come up with other concrete moves to support companies under its jurisdiction, from new license processing, routine inspections and policy guidance, to regular supervision of special equipment and food safety, said an executive of Chaoyang Joy City, a shopping mall.
“We have significantly benefited from the ‘unperceived regulation, perceived service’ approach from Chaoyang’s market regulation bureau,” the executive said.
The high-standard market regulation approach has prompted a large number of enterprises and entities to settle down in Chaoyang. As of the end of May 2024, Chaoyang boasted about 368,700 market entities, 13,000 of which are foreign-invested, said the market regulation bureau.
To continuously support the development of the district’s foreign firms, which account for about 70 percent of all foreign companies in Beijing, the district took the lead in the city by using a streamlined online system for applications from overseas enterprises, reducing the general processing time from 2-3 months to as fast as one day, it said.
“Looking ahead, the district is committed to fostering a fair and favorable market environment, upholding the responsibility of safeguarding consumers’ legitimate rights and interests, and creating a top-tier business environment featuring market-oriented, law-based and internationalized standards,” said Yi Xianglin, director of Chaoyang District Administration for Market Regulation.
lijiaying@trulynews.cn