China will further reduce the time required for immovable property registration to make it easier for businesses and individuals to get things done, the State Council executive meeting chaired by Premier Li Keqiang decided on Wednesday.
"Cutting the time required for immovable property registration is part of the economic structural reform. Getting this job done is particularly important as it concerns the interests of both individuals and market entities," Li said at the meeting.
It was decided at the meeting that the reform of government functions must be deepened to further cut the time needed for immovable property registration.
An inter-agency information pooling and sharing mechanism will be established so that information related to immovable property registration, including household registration, business license, tax payments and transactions can be shared by the end of this year.
The registration processes will be consolidated. Single-window inter-agency services will be made available.
An Internet Plus immovable property registration model will be promoted whereby applications, and their reviews and government feedbacks can all be made online. An applicant needs only one trip to one office to have his/her application materials checked and see the registration completed.
"Information sharing is crucial for cutting the time needed for immovable property registration. It can significantly stimulate market vitality, as shown in many success stories," Li said.
It was decided at the meeting that the time required for general registration and mortgage registration will be respectively cut to no more than ten and five working days by the end of this year. And both will be reduced to no more than five working days before the end of 2020.
