(Adds statement from economic planner)
BEIJING Aug 15 China will cut red tape and
permit lower levels of government to approve some projects, the
cabinet said on Friday, in the latest measure to reduce the cost
of doing business in the world's second-biggest economy.
Twenty-one approval processes were abolished for industries
including mining, shipping, banking, telecoms and civil
aviation, the cabinet said in a statement on the government's
The right to approve some projects including those in the
education sector and which involve the use of land,
quality-control certificates and radioactive devices will also
be extended to lower levels of the government.
China has been slashing layers of red-tape this year in its
most ambitious plans for reforms in three decades, directed at
giving market forces a greater role in the economy.
Separately, the country's top economic planner also urged
banks to scrap or cut some charges to reduce costs faced by
Chinese firms, in line with a broader government effort to lower
financing costs and support the real economy.
The National Development and Reform Commission said it told
15 banks early in August to stop levying miscellaneous fees such
as financial advisory fees, and consultation fees for managing
foreign exchange risks.
The banks summoned in August included China Merchants Bank
, CITIC Bank , Everbright Bank
, Ping An Bank and Bank of
China's big four banks - Industrial and Commercial Bank of
China Ltd, Agricultural Bank of China,
Bank of China and China Construction Bank
- had already promised this year to cut excessive
To energise China's economy, the government has pledged to
cut borrowing costs for firms by reducing the time taken to
approve some loans, and enlarging the scale of re-lending and
re-discount programmes for the farm sector and smaller firms.
The bank regulator also recently conducted a special
inspection across China to prevent banks from excessively
charging their customers, an official told Reuters on Friday.
(Reporting by Koh Gui Qing and Aileen Wang; Editing by Clarence