a‘negative list’will make market access both fair and open

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Following a September meeting of the Central Leading Group for Comprehensively Deepening Reform， presided over by Chinese President Xi Jinping and during which a guideline for adopting a negative-list approach for regulating market access was approved， China’s State Council published its“Opinion on the Implementation of the Negative-list Market Entry System” on October 19， 2015.

According to this document， the negative list， which will loosen market entry requirements for both domestic and foreign investors， will go into effect in the Shanghai Free Trade Zone on December 1， 2015. It is expected that the policy will be rolled out nationwide by 2018.

The introduction of a negative-list approach to market access reflects new thinking at the top level of China’s governance system against the backdrop of a “new economic normal” and a sustained growth slowdown. If successfully implemented， the policy will greatly improve openness， fairness and transparency in the Chinese market， and， therefore， its attractiveness.

In the past， a major problem has been arbitrary and excessive government intervention in China’s economy. With a governance system based on gaining advance administrative approval， the Chinese government essentially controls who can and who cannot enter the market. Such a system not only breeds inefficient and unfair investment， but creates ample room for rent-seeking， an underlying factor in widespread corruption within the government.

By transforming micro-management into macro-management， China’s economic planners can greatly reduce the costs in both money and time currently borne by both investors and the authorities， while improving the effectiveness and efficiency of government regulation.

It is expected that the negative list will incorporate restrictions on investment found in various laws and regulations into a single document， allowing investors in sectors and activities not included in the negative list to establish a company through a straightforward registration procedure， with no administrative approval required. Moreover， once the negative list is established nationwide， local governments will have no power to change it.

Backed by this list， both investors and government agencies will， for the first time， have a clear idea of what the government can and cannot do regarding market access. Without excessive bureaucratic meddling as a factor， a negative list has the potential to restore the dominant role of the market in China’s national economy. Not only will private and foreign investors currently excluded or deterred from participating in the market be empowered to compete in it， but State-owned enterprises and other existing players will also be compelled to increase their competitiveness rather than focus all their efforts on lobbying.

By delineating the government’s jurisdiction in commerce， this reform has the potential to inject new vitality into the troubled Chinese economy， securing China’s long-term economic sustainability. ？