NDRC vows to continue simplifying administration

BEIJING - China's top economic regulator said it would continue to streamline administrative procedures and delegate powers in 2015 on Tuesday, as part of national reforms to tackle economic slowdown.

The National Development and Reform Commission (NDRC) promised to cleanse the non-administrative processes, cut administration and reduce approval procedures to allow the market to play a decisive role and stimulate the economy, according to a statement on its website.

The NDRC described such measures as "long-acting therapy" for the economy, which would bring dynamics to the market and improve business.

The commission has canceled or delegated 44 administrative approval items since 2013, giving more autonomy to enterprises and loosening restrictions on foreign investment. More than 95 percent of foreign investments no longer need to be approved but only have to file for records.

The statement marked the resolution for strong reform in the second largest economy, which is pushing forward restructuring measures to fend off impacts from a continued slowdown.