China's business environment shows continued improvement: report

The China Council for the Promotion of International Trade released its "2024 China Business Environment Research Report" on Friday, highlighting continued improvements in the country's business environment.

Based on a survey of over 6,800 companies and in-depth interviews with nearly 1,000 Chinese and foreign enterprises, the report reveals high levels of satisfaction among businesses operating in China. The companies rated China's overall business environment 4.37 out of 5 points, with nearly 90 percent of those surveyed expressing "very satisfied" or "relatively satisfied" – an increase of 2.1 percentage points from 2023.

The report assessed 12 key areas, including enterprise establishment and withdrawal, infrastructure, and life-support services, with all the indicators scoring above 4 points. Notably, improvements can be seen in the companies' evaluations of customs services, enterprise establishment and withdrawal, and rule of law.

Looking ahead, market expectations remain positive. Over 70 percent of the surveyed companies reported stable or increased profits in 2024. More than 60 percent of the companies expressed optimism regarding China's future economic prospects. Key areas for further improvement identified by the companies include tax and fee reductions, as well as continuous optimization of the business environment.

These findings were made as China continues to strengthen its support for the private sector. In 2024, the country mulled a draft law on private sector promotion, aiming to foster a legal and social environment conducive to the development of all types of ownership.