China's Business Environment Largely Improved In Past Five Years

China's 13th Five-Year Business Plan (2016-2020)

- Du Haitao And Luo Shanshan

China has largely improved its business environment during the 13th Five-Year Plan (2016-2020) period with enhanced innovation to better service efficiency.

It has continuously advanced reforms to streamline administration and delegate power, improve regulation, and upgrade services, faithfully implemented tax and fee reduction policies, greatly shortened negative lists for foreign investment market access, and made remarkable progress in building a singlewindow system for foreign trade.

These efforts further brought down the operational cost of enterprises and stimulated the energy of the market, which offered strong support for high-quality economic development.

South Korea-funded enterprise LG Display based in Yantai, east China's Shandong province, was one of the beneficiaries of these measures. The company encountered an urgent problem after COVID-19 broke out this year, which had to be solved by technicians from South Korea. Wang Fengbin, deputy director of the company's management department, resorted to a platform established by Shandong province to stabilize foreign trade and investment for help, and in less than two weeks, South Korean technicians successfully entered China amid the pandemic, and the problem was smoothly tackled.