On 4 December 2013, the Industrial Competitiveness Enhancement Act was enacted to enhance Japan's industrial competitiveness. The Act is set to become effective on 20 January 2014. It gives specific form to the third arrow of Abenomics, being the implementation of a growth strategy to stimulate private investment. The Act includes a System of Special Arrangements for Corporate Field Tests and a System to Remove Gray Zone Areas, with the aim of advancing regulatory reforms. Furthermore, the Act includes measures to promote new businesses and business restructurings, aimed at facilitating the renovation of industries.