China pledges to streamline investment approval

The Chinese government on Saturday decided to further streamline administrative approvals and delegate power to lower levels to revive the economy.

Premier Li Keqiang called for efforts to cut red tape and simplify procedures for new investment projects, according to a statement issued after an executive meeting of the State Council, the country's cabinet.

Provincial-level governments will approve investment projects related to container terminals, vehicle engines, urban rapid transit systems and inland water transportation according to regulations and criterion for entry.

China Railway Corporation will be allowed to decide on railways, bridges and tunnels, the statement said. Endi