Foreign-founded companies will not have to go to the Ministry of Commerce for the approval procedure as of March.
Starting from March 1 this year, local commerce departments and state-level economic development zones will be authorized to approve the establishment of foreign invested companies, according to a recent notice released by the ministry.
The notice also said that these companies included wholesale enterprises selling ordinary goods and small- and medium-sized retail enterprises.
Since its entry into the World Trade Organization in 2001, China has been honoring its commitment to further opening service trade industries.
Last year, the country promulgated or revised laws and regulations on distribution industry, direct selling, auction, franchise, auto sales, etc.
(Xinhua News Agency February 5, 2006)
