China unveiled a new regulation on Oct. 23 to further optimize its business environment amid ongoing efforts to continue opening up its economy, spur market vitality and foster high-quality development.

The regulation, released under a decree signed by Premier Li Keqiang, will take effect on Jan. 1, 2020.

New policies within the regulation will offer market guarantees for companies looking to invest or develop a business in China.

Equal treatment will be given to all market entities – whether foreign or domestic – by establishing basic institutional norms in the business environment, according to the new regulation.

Ning Jizhe, vice chairman of the National Development and Reform Commission and head of the National Bureau of Statistics, said the regulation is aimed at accelerating the creation of a world-class, market-oriented business environment governed by law.

"It is a key measure that will deepen reform and opening-up, promote fair competition, enhance market vitality and foster high-quality development," Ning said on Oct. 23 at a State Council Information Office news conference in Beijing.

"Taking it as a new starting point, we will continue to streamline administration, delegate power, improve compliance oversight and provide better services to foster a stable, fair, transparent and predictable business environment," he said.

More efforts will be made to further widen market access, promote fair supervision and better serve the public, Ning added.

Zhang Yaobo, an official from the Ministry of Justice, said the new policies will help improve the business environment.

"The new regulation provides stronger guarantees for improving the business environment and will inject huge impetus into the continuous optimization of the business climate. It also sends a key message that China attaches great importance to continuously optimizing the business environment and has a firm will and determination to do so," Zhang said.

China is getting serious about improving its business environment, and has taken a series of key measures including cutting taxes and fees and rolling out the Foreign Investment Law.

Thun Lee, China chief at professional services provider TMF Group, said the country has made great progress in fostering a better business environment, and it is gearing up to reduce investment hurdles and keep its investment market open.

"In the long run, the Chinese government is actively streamlining administration and delegating power in a responsible manner. By implementing a series of reforms including cutting the value-added tax, the government is taking solid steps toward fostering an open, transparent and fair business environment which will help reduce the complexity of foreign companies setting up and operating businesses in China," Lee added.

According to a recent World Bank report, China moved up over 30 places to rank 46th of 190 countries in the ease of doing business rankings for 2018.