China’s State Council on Tuesday published new guidelines for creating a restricted mechanism for fair competition, to stifle practices and regulations that obstruct the creation of unified national market, according to Xinhua News Agency.
China’s cabinet stated that the country will guarantee fair competition to safeguard market participants and support innovation and mass entrepreneurship. According to the guideline, market access, approval and exit procedures should be fair and reasonable.
According to the document, this move is required to support innovation-driven development in the nation. The guideline states that the censorship system should be created in accord with the requirements of quickening the formation of a standard and open market system. The guideline mentioned that the actions of the government will also have to abide by the laws and regulations.
The document has stated that the Chinese government needs to transfer government functions, minimize its interventions in the micro economy, clear out market barriers, break regional limits and industry monopoly and promote free flow of products and goods in order to attain the goal.
Concrete policies should give fair competition analysis as of July 2016, reported Xinhua News Agency, citing China’s State Council. Moreover, from 2017, lower governments should receive guidance from provincial governments.
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