In the heart of the National Museum of China, a collection of 109 official seals tells a powerful story of transformation. These seals, once used by various administrative departments in Binhai New Area, Tianjin Municipality, were ceremoniously retired in 2014. Their retirement marked a significant step in China’s commitment to deepening institutional reform and streamlining bureaucracy.
Back in 2014, despite the concept of building a socialist market economy introduced over two decades prior, entrepreneurs and investors faced daunting challenges when navigating the administrative landscape. A lawmaker from the Tianjin Municipal People’s Congress revealed that initiating a single investment project involved more than 30 government approvals and required over 100 seals. This cumbersome process could take a minimum of 272 working days, hindering economic growth and discouraging potential business ventures.
Recognizing the need for change, the local government of Binhai New Area took a bold step by establishing an administrative examination and approval bureau. This move consolidated hundreds of examination and approval units into one cohesive department, effectively replacing the 109 official seals with a single seal. This not only expedited the approval process but also symbolized a break from the entrenched bureaucratic practices of the past.
The display of the retired seals in the national museum serves as a tangible reminder of China’s determination to reform. Over the years, the State Council has canceled or delegated to lower-level authorities the power of administrative approval for over 1,000 items. Additionally, the number of investment items requiring central government approval has been slashed by over 90 percent. These reforms have significantly reduced red tape, fostered a more conducive environment for business, and unleashed new potential for economic development.
China’s efforts to deepen reform are crucial for sustaining its economic momentum and positioning the country as a competitive global player. By cutting through bureaucratic hurdles, China is paving the way for innovation, attracting foreign investment, and promoting efficiency within its markets. The story of Binhai New Area is just one example of the broader changes taking place across the nation, reflecting a commitment to progress and modernization that resonates with businesses and investors worldwide.
Reference(s):
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