三证合一 (sānzhèng héyī): Three-in-one certificate

As one of the major measures to further streamline administration and delegate power to lower levels, Premier Li Keqiang said in the 2015 Government Work Report that the authorities will further simplify the process for registered capital by gradually integrating the business license, the certificate of organization codes and the certificate of taxation registration into one certificate.

Actually the pilot program of such a "three-in-one certificate" has already been launched in some regions such as Jiangsu province since the end of last year, which has won wide public support because of its convenience. According to the State Administration for Industry and Commerce, this year the "three-in-one certificate" will be introduced nationwide. Under this system, enterprises need only to prepare one set of forms and materials to apply for one unified certificate rather than three.

This administrative approval reform makes life more convenient for companies, increases the efficiency of the administration and saves administrative costs. In some areas that have launched this reform, it takes less than one week to acquire a business license. It not only lowers the cost of starting a business, but also provides more space for innovation.