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China sets up one-stop services, e-platform to promote foreign investment

China will further simplify procedures for setting up foreign-invested enterprises and establish a one-stop service for the registration of businesses, Xinhuanet said, citing the state council's decision at an executive meeting chaired by Premier Li Keqiang on May 16.

The process, which will be conducted online and without charge, will take effect from June 30.

The government will also establish a uniform e-platform for accessing government services at the national, provincial and city levels. Agencies that fail to link up to government information systems will lose their eligibility to apply for new projects or obtain funding for technical maintenance.

Standardized procedures will be implemented and electronic licenses will be introduced, Xinhuanet said.

At least 90% of the services items offered by provincial-level authorities and 70% by city- and county-level authorities will be made accessible online before the end of 2019.

More than 35,600 foreign-invested enterprises were established in 2017, according to statistics from the Ministry of Commerce, an increase of 27.8% year over year. Foreign investment in 2016 grew by 7.9% to a record high of 877.5 billion yuan, Xinhuanet said.

As of May 16, US$1 was equivalent to 6.37 Chinese yuan.