Local Businesses Can Benefit From China’s 14th Five Year Plan

The thing about China is that it learns from past missteps and listens to grouses from the international markets, while the Government does not openly admit to mistakes or agrees to change, it understands that to be a global economic powerhouse there are certain rules that the Middle Kingdom has to comply and discreetly implements them.

Already a commercial success, China does have some kinks that needs ironing out, the nation in its 13th Five Year plan 2016-2020 pushed for more ease of doing business this was evident when the time to start a business from 30 days came down significantly to just 4 days. It was also the time when monitoring agencies flexed their muscle on monopolistic behaviours of eCommerce giants. Alibaba felt the full force of the law when its Ant Finance IPO plan was thwarted in the eleventh hour due to elements in its business model.

Moving forward the 14th Five-Year Plan period (2021-2025) will be more about business environment that is conducive for all parties while maintaining the objective to boost quality management of products, projects, and services, said Zhang Gong, head of the State Administration for Market Regulation.

In the next five years, the country has agreed to take a series of measures to boost business system reforms and provide market entities with fair, transparent, procedure-based, convenient, and predictable business environment. This was shown in the list of business permits for enterprises which were successfully piloted in 18 pilot free trade zones which will become a national standard and will be applied nationwide.

The attention is there to intensify reforms in pilot free trade zones in meeting the needs for more deepening reforms to build a high-standard market system. In 2020, the administration stepped up its law enforcement against monopolies and unfair competition, involving both online and offline activities. The fight will continue to stamp out these practices and prevent the disorderly expansion of capital.

China is not easing off or backing down, it is only going to get better, already ahead in terms of technology with the use of Artificial Intelligence and data science, the country is learning at an exponential rate. There should be no hesitance in doing business in the nation which has a population of 1.3 billion with a robust growth engine, Malaysian conglomerates and businesses should take this opportune time to venture wholeheartedly as the economic cradle shifts from the West.

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