China to improve government service for new economy

BEIJING -- China will improve its services for the new economy to accelerate new growth, according to a government document.

China will continue to enhance administrative efficiency to better serve rapidly-growing emerging industries and upgrade old ones, said the document of the State Council, made public on Friday.

To reduce restrictions on the new economy, China will step up the process of approving, revising and abolishing laws and regulations, and allow local authorities to implement their own rules to test new business models in low-risk sectors, including logistics, education and tourism.

Support for innovation and business registration will also be strengthened.

Regulators responsible will take a more inclusive attitude to encourage innovation, while ensuring fair and open market entry, strengthening risk control, and improving the social credit system.

The government will also promote effective flows of knowledge, technologies, information and data resources, and push for more rapid translation of scientific results into productivity.

In the face of economic downturn pressure, China's policymakers have pinned high hopes on the new economy to drive up growth, and carried out an array of measures to boost innovation and stimulate market vitality.