Caixin
Oct 31, 2022 09:00 PM
OPINION

Editorial: Reduce the Burden on the Self-Employed to Reinvigorate China’s Economy

A woman displays China’s first business license for individual households. Photo: VCG
A woman displays China’s first business license for individual households. Photo: VCG

Individual businesses now have their new, specific laws. A few days ago, the State Council issued the “Regulations on Promoting the Development of Individual Businesses,” which will take effect from Nov. 1. The current “Regulations on Individual Businesses,” which have been in effect for 11 years, will be abolished simultaneously. While the two names differ by only a few words, there is a fundamental change in their legislative purpose, main idea and outline structure. Compared with the former regulations that focus on registration and management, the new rules highlight promoting development while containing detailed, supportive policies in all aspects.

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