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identify unwarranted certification items for abolition and list all certification items deemed ne
cessary. At the same time, work to establish a pre-commitment qualification system will be intensified.
“The reform of the qualification system is part and parcel of our efforts to build a credit-based society. Without a fully fledg
ed credit-based society, our business environment will not see significant improvements,” Li said.
It was decided at the meeting that the practice of pre-commitment of qualification will be piloted in 13 pro
vinces and municipalities, including Tianjin, Liaoning, Shanghai, Guangdong, Sichuan and Shaanxi, and in five mi
nistries－the Ministry of Public Security, the Ministry of Justice, the Minist
ry of Human Resources and Social Security, the Ministry of Natural Resources and the Ministry of Transport.
on the new science and technology innovation board, which will pilot the registration-based IPO system, according to Xinhua.
To accommodate the progress of reforms and development of the capital market, other modifications have also been made, cov
ering public issuance of securities, securities trading, and the protection of investors’ rights and interests, Xinhua said.
Dong expects the latest version to legitimize registration-based IPO systems not only
on the new board, but also across China’s whole A-share market. “Once the system achieves success on the n
ew board, it should be adopted on other submarkets as soon as possible,” Dong said.
President Xi Jinping announced in November that China will launch the S&T innovation board and pilot the registr
ation-based IPO system. Analysts expect the new board to begin trading around the middle of this year.
“The latest draft is expected to make comprehensive revisions, and it could go a long way
toward restoring public investors’ confidence and modernizing the regulation and governance of the ca
pital market,” said Liu Junhai, director of the Business Law Center at Renmin University of China.
on a decreasing streak. Imported models of Ford Motor (China) abated as much as 34,000 yuan, compared with Volkswagen Multivan’s highest cut of
13,300 yuan and some models of FAW Toyota’s 11,000 yuan, said Chinanews. As China International Capital Corporation Lim
ited analyzed, automobile, real estate and medicine industries will enjoy the largest scale of tax reduction; and the bigge
st rise in net profit as a result of tax cuts will go to coal, food and beverage, electricity industries.
Nur Bekri, former head of the National Energy Administration, has been arrested
for taking bribes, said the Supreme People’s Procuratorate on Tuesday, Xinhua reported.
Nur Bekri, also former deputy head of the National Development and
Reform Commission, was investigated by the Communist Party of China Central Com
mission for Discipline Inspection and the National Supervisory Commission.
The former chairman of the Xinjiang regional governm
ent was named new head of the National Energy Administration on Dec 31, 2014.