China to promote modernization in market regulation

The State Council issued a plan to promote the modernization of market regulation during the 14th Five-Year Plan period (2021-2025), according to a circular released on Jan 27.

According to the circular, major goals include continuously optimizing the business environment, regulating market operations, guaranteeing consumer security, enhancing product and service quality, and comprehensively improving market management efficiency.

Business environment will be improved, and the reform to separate operating permits and business licenses will be furthered in order to stimulate the vitality of market entities, the circular said.

By the end of 2022, simple, efficient, fair and transparent rules for licensing industries with easy access and strict regulation will be established. By 2025, the average time to open a business will be further reduced from less than four working days to about two working days.

Tax, credit loans and social security policies will be efficiently leveraged, and targeted measures will be adopted to support micro- and small enterprises and the self-employed.

To encourage innovation, a transregional and whole-chain cooperation mechanism for IPR administrative protection will be established, and law enforcement will be intensified.

China will continue to build a market environment of fair competition by improving administration capacities in repression against monopoly and unfair competition.

The plan also highlighted the importance of a unified domestic market, which calls for removing institutional barriers to market-based allocation and free flow of factors of production, and promoting unimpeded economic circulation.

Enterprises and industries will be required to enhance their overall product and service quality management. The macro policy system on quality control will also be further improved.

China will strengthen oversight of key industries and areas that affect people’s health, life and property, as well as public security, especially food and drugs, said the circular.

For higher efficiency in modern market regulation, the circular also urged harnessing cutting-edge technologies.