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China preps new rules to improve ease of doing business

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China preps new rules to improve ease of doing business

China's National Development and Reform Commission plans to implement new rules by Jan. 1, 2020, to make it easier for both foreign and domestic companies to do business in the world's second-largest economy, Reuters reported Oct. 23.

The new rules would ensure equal market access for foreign and domestic firms and protect fair competition in the market. The rules are also aimed at ensuring equal treatment for all companies and strengthening existing protections under the law.

Further, China will establish a punitive damage system for infringements on intellectual property, among others, the outlet reported. Public bids and government procurement should also be transparent and open to all, according to the measures.

The report about the new rules came after complaints by foreign companies of unfair treatment in accessing the Chinese market. The European Chamber of Commerce in China complained of discrimination against foreign companies in public procurement in the country, according to a paper released in September.