China issues five-year plan to strengthen market supervision

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China will work to improve market regulation by 2020 to safeguard fair competition, according to a government plan.

The State Council released a five-year plan on market regulation on Monday, setting guidelines for reform in commerce and market supervision. The objective of the move is to further stimulate market vitality, regulate the market and safeguard consumers’ rights while improving efficiency in supervision.

The plan said that by 2020, China aimed to build an innovative market, supportive of entrepreneurship, fair competition and honest business practice. The market would also be convenient, international and ruled by law.

Employees of an e-commerce company in Fuyang in central China’s Anhui Province prepare packages of eggs for consumers in Zhejiang Province in east China on January 19, 2017. /CFP Photo

China will establish unified and transparent market access rules and boost reform in the commercial registration system to improve market access, according to the 2016-2020 plan.

It said the Chinese government would also make efforts to create a fair and orderly business environment by enhancing law enforcement and strengthening market regulation.

Market regulators inspect mooncakes in a supermarket in Lianyungang, Jiangsu Province in east China on September 7, 2016. /CFP Photo

The plan called for regulating new consumption sectors such as e-commerce and WeChat business, in an effort to reinforce the protection of consumers’ rights to create confidence in purchases, with particular focus on the elderly, children and the rural market.

Supervision on new business formats including car-hailing services and house sharing should also be tightened.

(Source: Xinhua, English.gov.cn)