China to set up database of global business laws in 5 years

China plans to build a database of global business laws and regulations in five years to serve both domestic and foreign companies.

The database will cover most of the business laws and regulations in the world and have versions in Chinese, English and other languages, said sources with the Ministry of Commerce.

Once set up, the database will have functions such as online interaction, consultation and online forums.

The database is aimed to provide information and reference service to foreign companies in China and also Chinese companies with overseas business, said the ministry.

Most of the world Top 500 companies have started their businesses in China and the Chinese government has adopted a policy encouraging its companies to develop into the international market.