Chinese Premier Li Qiang chaired a State Council executive meeting on Monday, approving guidelines to strictly regulate enterprise-related administrative inspections. The meeting outlined significant reforms in the regulation of medicines and medical devices, aiming to foster high-quality growth in the pharmaceutical industry.
The discussions emphasized the necessity of stringent regulation of enterprise inspections to stabilize market expectations and enhance law-based governance. Concerns were raised over arbitrary actions by certain localities and departments that have disrupted business operations and negatively impacted the business environment.
Premier Li urged the strict enforcement of inspection standards and procedures, alongside strengthened oversight of administrative inspections. Efforts will also focus on reducing the frequency of on-site inspections and eliminating arbitrary practices to create a more stable and predictable business landscape.
The meeting called for deepening the reform of the entire medicine and medical device regulation process to bolster China's pharmaceutical strength and meet public demand for high-quality medicines and medical devices.
Support for research and innovation in medicines and medical devices was also highlighted. The reforms aim to improve the quality and efficiency of review and approval processes, enhance regulatory oversight, and support the pharmaceutical industry in seeking further opening-up and international cooperation.
Additionally, the meeting studied enhancing regulatory capacity across all food safety links and discussed incentive and constraint mechanisms to promote high-quality development through transfer payments. It was noted that transfer payments should guide local high-quality development, with incentive funds directed towards regions with greater tax contributions and faster income growth.
Finally, the meeting approved draft rules for standardizing intermediaries' services for the public stock offerings of companies, aiming to create a more transparent and efficient market environment.
Reference(s):
Premier Li urges strict regulation of enterprise inspections
cgtn.com
