Hu Kaihong:

Thank you Mr Xie. Now let’s invite Mr Liu.

Liu Yuting:

Good morning. When the public consider the State Administration for Industry & Commerce one of their major focuses is the reform of the business system, or how the reform helps with efforts to streamline administration and delegate power to lower levels.

Tomorrow will be the last day of February. The reform of the business system began with registered capital reform, which started on March 1 last year. Measures approved by the State Council, such as easing regulations for market access by changing the system of actual paid-in registered capital to a commitment to pay registered capital, relaxing registered capital thresholds and simplifying the domicile registration for market players, have been fully implemented. Another important item of the reform — to change the system of an annual business inspection to a system of annual reporting — has been completed at a preliminary level.

Another item — implementing electronic registration and management and issuing digital business licenses — is being tested in pilot programs.

I believe people have found in the past several years that the market has been basically stable and continues to improve. Thank you for your attention to, and support for, the reform of the business system.