Business Environment

15. The "6+4" regulatory system  

The "6+4" regulatory system refers to six basic regulatory mechanisms: risk monitoring, credit supervision, tiered and industry specific supervision, collaborative supervision, technology-based monitoring and joint supervision by regulators and the public. A "four ones" system has been introduced in the pilot program for supervision involving multiple agencies: one regulatory compliance manual, one checklist, one consolidated inspection and one credit and risk assessment for each industry.

16. Service packages

These are services provided by Beijing to improve the city's business environment and serve the needs of businesses. The packages include a combination of preferential policies which suit the businesses' positioning, which are designed to overcome information asymmetry, and which, within the framework of laws and regulations, offer tailor-made solutions for their difficulties.

17. The notification and compliance requirement

This requires departments in charge of administrative approvals to notify applicants in one go of the conditions, standards and technical requirements to be met, documents to be submitted and legal responsibilities to be fulfilled.

If an applicant pledges in written form (including e-text) to meet all the criteria, to assume full responsibility for any violations, and to bear any consequences of false representation, then the application is approved on the spot.

18. Smart review and approval system (SRAS) 

The SRAS is an online application, review and approval system. It uses speech recognition, facial recognition, and other artificial intelligence technologies for identity authentication, smart authorization, automatic form filling, and other functions.

Through the SRAS, businesses or individuals that apply for authorization or registration can obtain approvals without having to provide physical identity documents or fill out any forms. It reduces the paperwork involved, thus simplifying the application process.

Beijing has opened at the Municipal Administrative Center a smart government service center and launched a blockchain-based platform, enabling government information and resources sharing and collaborative work. This allows government departments and agencies to handle applications "within seconds", all via online portals or intelligent terminals.

19. Regulatory sandbox 

A regulatory sandbox is a controlled "box" or environment under a regulator's close oversight that allows experiments with new business forms and models. The regulators adopt a tolerant and prudent approach to problems that may arise in the "sandbox". This enables a fault-tolerant and error-correcting mechanism to be applied within a manageable range.

It allows businesses to experiment with new products, services and models in a real market environment, cut costs and shorten their time to market. In 2019, Beijing received State Council approval for its pilot regulatory sandbox proposal, and was the first in China to use it on fintech. 

（Source：wb.beijing.gov.cn）