News&Information

May 07, 2018

Streamlined approval system benefits businesses in Pudong

Businesses in the Pudong New Area, shanghai, may now register via bank outlets, the latest move local authorities have rolled out to better the business climate in the region.

Pudong covers an area of 1,210 square kilometers, accounting for one fifth of the city's total. It takes nearly two hours to get to the area's government administrative service center situated in its north, if one drives from its south end.

On Mar 30, the Shanghai FTZ bureau of market supervision reached cooperation agreements with China's four biggest banks by assets -Industrial and Commercial Bank of China, China Construction Bank, Bank of China and Agricultural Bank of China.

According to the agreement, businesses can register through nearly 300 bank outlets scattered in the Pudong New Area.

The policy greatly cuts commute time for local residents and businesses, said Shi Wenying, an official with the bureau, adding that it allows them to "finish the stuff they eagerly would like to do at a nearby place".

According to Zhang Qing, deputy president of Agricultural Bank of China, Shanghai branch, the registration service will allow banks to get more information concerning requirements for startups, enabling them to come up with better solutions to tackle financing problems facing small and micro enterprises.

Local authorities are exploring other channels besides banks to further streamline the administrative approval procedures.

Wu Weiping, director of Shanghai FTZ bureau of market supervision, said that in the near future enterprises in the region will be able to apply for business registration online, and certificates will be mailed to them afterwards.

The integration of Internet technology in the administrative approval process, which Pongdong is carrying out, will greatly improve government service efficiency and infuse new vitality into the market, noted Lu Fangzhou, deputy head of Pudong New Area.

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The Shanghai FTZ bureau of market supervision reached cooperation agreements with China's four biggest banks in Shanghai on Mar 30. [Photo provided to chinadaily.com.cn]

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A resident applies for business registration at an ICBC outlet in Pudong New Area, Shanghai. [Photo provided to chinadaily.com.cn]

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A resident gets her business certificate after going through the application procedures at an ICBC outlet in Pudong New Area, Shanghai. [Photo provided to chinadaily.com.cn]