With the issuance of the latest version of Shanghai’s reform plan for improving its business climate, the city is gearing up for building a world-class business environment.

The news was announced by Ma Chunlei, deputy secretary-general of the Shanghai Municipal Government and director of the Development and Reform Commission of Shanghai, at a press conference held on January 2, 2020.

That came one day after China’s new foreign investment law and regulations on improving the business environment came into effect. As the forerunner in China’s reform and opening up, Shanghai is making greater efforts to fulfill the new tasks.

Since 2017, the city has rolled out Version 1.0 and 2.0 of a reform plan for improving the business climate. According to Ma Chunlei, in Version 3.0, Shanghai will follow Singapore, Hong Kong and other leading economies recognized by the World Bank in terms of their business environment, and learn from advanced concepts and experience of government services in other places. Trans-department procedures will be streamlined to minimize the time and expenditure of registrant enterprises.

Imitating Hong Kong’s one-stop review and approval model, Shanghai’s authorities have set up the “one-window system” for construction permit application, review, inspection and acceptance, so the required procedures will be cut to only 5 links and time will be cut to 24 days at minimum.

In the World Bank’s latest Doing Business report, China ranked 31st among 190 economies, up by 15 spots from the previous year.