BEIJING, Jan. 19 (Xinhua) -- Chinese Premier Li Keqiang has signed a State Council decree unveiling a revised regulation on business name registration amid efforts to further improve the country's business environment.

The new regulation is expected to streamline the registration procedure, lower the cost of starting businesses, and better protect the legitimate rights and interests of enterprises.

It will come into effect on March 1.

A State Council executive meeting on Dec. 14 adopted draft revisions of the Regulation on Business Name Registration and Administration, to refine basic norms and put in place an application system for corporate names where applicants can choose a corporate name that meets the requirements and pledge to bear legal responsibilities for any name infringements.

Both deregulation and oversight will be stepped up. Registration departments shall enhance compliance oversight, and refuse to register or correct the corporate names inconsistent with the requirements. Disputes over corporate names may be settled through lawsuits or mediated or decided by registration departments, according to the meeting.

"Corporate name registration shall facilitate fair competition and independent business operations within the confines of the law," Li said at the meeting. Enditem

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