China to improve market regulation by 2020

Updated 2017-01-24 08:48:11 Xinhua

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

The State Council Monday released a five-year plan on market regulation, setting guidelines for reform in commerce and market 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.

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.

The plan said that measures would be taken to better protect consumer rights to create confidence in purchases, with particular focus on the elderly, children and the rural market.

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