China removes minimum capital requirements for registering companies

China has removed the minimum capital requirements for registering a new company, among other reforms aimed at lowering the threshold for business startups and stimulating the private economy. The reforms were announced at an executive meeting of the State Council led by Premier Li Keqiang, according to China's (Xinhua) News Agency. "By widening the market access and establishing a transparent and efficient modern company registration system, we aim to further streamline government administration, create fair competition and support smaller businesses, especially innovative enterprises," Li said. The measures will help expand private investment, strengthen the foundation for the economic recovery, as well as create more job opportunities, Li said. Li called for advancing the building of an integrity system: Enterprises with deceptive practices will be put on a "blacklist" that will be publicly available. The latest reforms also involve replacing the annual inspection of companies with a reporting system that can be viewed online to increase the transparency of business operations. Requirements for company registration address will also be simplified.