GUANGZHOU - Chinese State Councilor Wang Yong on Tuesday urged implementation of business registration reform, designed to cut obstacles to starting a business.

China lifted restrictions on minimum registered capital, payment deadlines, down payment ratio and cash ratio of registered capital on March 1. An annual inspection system was also replaced by one based on self-reporting.

These measures should be fully carried out so as to further lower market threshold and invigorate social investment, said Wang during his tour of Guangdong province.

Wang also asked authorities to streamline registration procedures and clean up administrative approvals.

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