China moves to improve market supervision

BEIJING: China on Wednesday announced measures to step up market supervision through improved law enforcement and information disclosure.

Market regulators will randomly select targets and law enforcement officers for spot inspections while ensuring timely information disclosure, according to a statement following a State Council meeting chaired by Premier Li Keqiang.

The new practice will cover all routine government inspections, and joint supervision will be strengthened to reduce overlapping responsibilities, according to the statement.

All related government agencies were asked to make regulatory innovations conducive to promoting fairness and efficiency of the market.

China has been pushing for more unified, effective market regulation, with the State Administration for Market Regulation established in March as part of the reform of government institutions.

The meeting also agreed to clean up all types of certificates required for individuals and businesses when accessing government services.

A series of certificates set by central and local governments will be canceled by the end of the year, including the financing certificate used to apply for construction permits.

Law-based certificates, if replaceable, should also be removed.

Governments are required to publish lists of canceled and current certificates in a timely manner.

Increased efforts should also be made to build a social credit system, with blacklists put in place to inhibit dishonest behaviors and better protect trade secrets and personal privacy. Third-party credit investigation services will be supported, according to the statement.