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from the launch of the commercial registration system reform on march 1, 2013 to august 31, 2017, shenzhen has registered 2.072 million new commercial entities. on average, 38,000 new commercial entities are registered each month, representing a 305% growth compared with the figure 10,000 before the reform. this means every thousand people in this city own 240 commercial entities. therefore, shenzhen tops china in both entrepreneurial density and growth rate of commercial entities.
in the more than four years since reform began, the city has adopted a “loose threshold and strict regulations” to shift from a traditional regulatory approach, which focuses on administrative penalties, to a credit-based regulatory approach. this has created a loose market environment and boosted supply-side structural reform. shenzhen now has 2.945 million commercial entities in total.
the reform of the commercial registration system has simplified registration procedures and significantly cut the threshold for major market players, thus spurring market vitality. shenzhen zhongzhi simulation technology co., ltd., founded after the reform of the commercial registration system, became the millionth commercial entity in shenzhen. the company has set up its headquarters and a r&d base in shenzhen and a 200,000 square meter production base outside shenzhen, and its business has developed rapidly.
“the key of the reform of the commercial system is to loosen the threshold and enforce strict regulations. the looser threshold will increase job opportunities, create new growth drivers and lead to a structural upgrade” said guo chi, deputy director of the market and quality supervision commission of shenzhen municipality. only by strengthening the in-process and ex-post regulation and improving supportive regulatory measures, can social governance featuring government regulation, enterprise autonomy, industry self-regulation and social supervision can be formed.
on october 1, shenzhen rolled out several new measures as part of its reform of the commercial registration system. the city will combine delegating power with strengthening regulation to serve quality businesses: applicants can apply for a business license with a unified social credit number and integrating the functions of 12 certificates without the need of visiting several government organs; hong kong-funded businesses can complete registration without providing any paper documents; to prevent commercial entities from changing address information without approval to circumvent regulation, the baoan bureau and longhua bureau of the market and quality supervision commission of shenzhen municipality strictly control the entry of commercial entities by filling in addresses from the city’s unified address database.
shenzhen has established a unified platform for registering commercial entities and disclosing their approval and credit information to the public by integrating municipal, district and street-level channels to collect information on commercial entity registration, as well as approvals and daily supervision information from all government organs. through the official website, wechat official account and app, shenzhen has strengthened regulation of commercial entities’ credit. the platform will provide free inquiry services to the public, offering information such as a commercial entity’s registration, annual reports, regulatory information, and bad credit records. it will also disclose blacklisted entities with a record of misconduct and legal violations via szcredit.org.cn, to combine the reform of commercial registration with the enterprise credit information disclosure system, making it a major platform through which all government organs can strengthen credit regulation.
the measures on administration of public credit information in shenzhen came into effect as of october 1, bringing the legal construction of the social credit to a new height. protected by the legal system, the reform of the commercial registration system will advance and improve shenzhen’s quality, standards, brands and reputation so as to form a new market-based regulatory system in which credit serves as a key component.
