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Shanghai pilots business investment system in Lin-gang| Updated: Jul 7, 2021 L M S

The Lin-gang Special Area – situated in East China's Shanghai – got the green light to pilot a reform of business investment approval procedures, according to the executive meeting of the Shanghai Municipal Government on July 5.

Investment approval procedures will reportedly be streamlined and a business-invested project commitment system will be put into practice.

The new business-invested project commitment system means that the government sets economic and technical indicators and industrial technical standards.

Functional departments will jointly propose standards for specific projects and enterprises then carry out design, construction and other related work in accordance with laws and regulations after making a legally effective written commitment.

After completion, the project will be verified and if accepted go into operation. Those failing to pass the acceptance inspection will not be put into production.

It was pointed out at the meeting that the city would speed up the application of the system, amplify its effects on reform, continue to track and improve the results of pilot programs, as well as expand the coverage of the policies.

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An interior view of the Lin-gang Special Area Administrative Service Center [Photo/IC]


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