In 2018, Beijing continued improving its business environment and vitalized its market, and 183,300 new companies were registered in the Chinese capital, the municipal bureau on market supervision and management announced Wednesday.

The number brought total market entities in the city to over 2.15 million. Among the new companies that registered last year, the growth rate of innovative companies was over 10 percent, and that of foreign-funded companies reached 15 percent. 

According to bureau chief Ji Yan, Beijing continued to deepen reform of its business policies and implemented various measures to improve the business environment in 2018, which eased access for businesses and products to enter the market and supported a sustained and healthy economic growth in the city. 

Last year, Beijing took the lead in the Chinese mainland in reforming the licensing system of industrial products, and reduced the processing time from 60 days to less than two days.

Moreover, the city improved its credit supervision mechanism. The network for enterprise credit information already comprises over 100 million pieces of credit information and has served more than 1.91 billion inquiries. It is also tracking a list of 472,000 enterprises with irregular operations, while blacklisting 23,200 enterprises with serious legal violations and losses of public trust.

Over the past year, Beijing also cracked down on practices of monopoly, unfair competition, false and illegal advertising, illegal online activities, and illegal foods and drugs. In 2018, the city handled 136,000 such cases, collected 717 million yuan (US$107.49 million) in fines, and revoked the licenses of 67,600 market entities.

In 2019, Beijing will further implement its three-year action plan on improving the business environment, improve services over its online platform, promote the wide use of electronic business licenses, facilitate the cancellation of company registration, further promote the opening up of the service sector, and support high-end industries, innovative companies, and the private sector with better services.

The authority will also step up efforts in cleaning up zombie companies, and formulate and carry out the third-phase action plan for building a company credit system.

For online regulation, Beijing will launch a special campaign to regulate online markets this year, strengthen the monitoring and management of online advertisements, intensify the supervision on prices in medical services, education, rail freight, parking, power supply and transfer, and other sectors.

In addition, the bureau will also enhance regulation on food safety, introduce 70 more production bases of agricultural products located outside the city, and formulate and release measures for the licensing and management of small workshops, restaurants, and grocery stores.

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