BEIJING, Oct. 25 (Xinhua) -- Chinese Premier Li Keqiang has signed a State Council decree unveiling a regulation on advancing the development of self-employed businesses.

The regulation, which will take effect on Nov. 1, 2022, has set out specific preferential policies in areas including optimizing the business environment and protecting the lawful rights and interests of self-employed businesses.

The regulation clarifies the role of self-employed businesses in the socialist market economy and the basic principles for promoting their development, and promises to simplify administrative procedures and improve the business environment to create favorable conditions for the healthy development of such businesses.

Meanwhile, the working mechanism for promoting the development of the businesses is set up in the regulation.

Support for these businesses in areas including registration of market entities, annual reporting services, supply of business premises as well as capital, taxation, finance, social security, entrepreneurship and employment will be provided by the government and its relevant departments.

The country will also strengthen protection of the legitimate rights and interests of self-employed businesses, according to the regulation.