The meeting of China's State Council on Wednesday ended well, with the agreement that the country should continue to bolster efforts in helping improve the business environment for market players.
According to China Daily, the executive meeting, chaired by Chinese Premier Li Keqiang, was concluded that the country should establish a legal framework that will further support targets in providing market players both domestic and international with a stable environment for business.
The meeting also discussed a regulation that will be implemented on January 1 wherein experience in China's business environment will be integrated with practices that proved to have success in helping entrepreneurs have stable dealings in the country.
Li noted that through "energizing the market," economic growth will be achieved. He explained that the country should recognize aspects of the business environment that still needs to be improved to attract more business.
He then called on relevant organizations and government units to work in unison with the goal of fixing potential irregularities in the regulation for business environment improvements.
As part of the efforts to provide entrepreneurs with a more sound and a suitable environment for business cooperation, the council decided the ease up further on market access and market players in the services sector will see more relaxed regulations.
Li urged government departments and business groups to establish specific priorities in helping improve China's business environment. He said the efforts of the past years should not be put to waste.
For Li, the respective departments involved in running the country's the business environment should include in their targets the slashing of permit requirements as well as boosting compliance for both global and local firms.
The council's meeting came amid ongoing trade tensions between China and the United States that have dampened business sentiment around the world and also started hitting the global economy.
Bond investment giant Pimco predicted earlier this month that the two sides may try to resolve their issues and sign "phase one" of the China-U.S. trade deal before the holidays, CNBC reported.
Managing director and vice-chairman of Pimco, John Studzinski, noted that the delegations may "try to resolve something" at the beginning of next month and later sign the agreement "before Christmas."
Most economists believe that signing "phase one" of the trade deal will boost business sentiment and also consumer confidence in the economy. Collaborations between Chinese and American firms may also be re-established through the signing.
Earlier this week, China's Ministry of Commerce revealed that the country's top trade negotiator, Liu He, spoke with his American counterparts, treasury secretary Steven Mnuchin and U.S. trade representative Robert Lighthizer over the phone.
The parties tacked "resolving core issues" of the trade deal's first stage. The two sides agreed to retain good communication as they attempt to ink the deal before the year-end.
