China: new rules to favor business in 2020

China bets on entrepreneurs. The State Council of the People’s Republic of China has launched a battery of reforms aimed at optimizing the business environment, accelerating the creation of a modern economic system and the decentralization of bureaucratic obstacles, as well as the protection of competition and market access.     

Specifically, Li Kequiang, Premier of the State Council, has authorized a new regulation which will be effective at the beginning of the year, in which he stresses that the State must comply with the principles of trading, rule of law and internationalization.     

The GDP of the China grew 6% in the third quarter

The new reforms emphasize the decentralization and optimization of service reforms, minimizing the direct allocation of government resources to the market, as well as direct government intervention.     

In addition, China has set a system of sanctions for infringements of intellectual property and has expressed its commitment to work on improving the mechanism for resolving intellectual property disputes, one of the main issues of friction with the United States. The Gross Domestic Product (GDP) of the Asian country grew 6% in the third quarter, the weakest pace at least since March 1992.