In a significant move towards fostering a more open and competitive economy, Chinese Premier Li Qiang has signed a State Council decree that introduces new regulations for fair competition reviews.
Effective from August 1, the decree mandates that administrative agencies and legally authorized organizations must conduct thorough fair competition reviews when formulating laws, rules, and policies related to business activities. This initiative aims to eliminate barriers that impede market entry and exit, ensuring the free flow of goods and seamless business operations.
The new regulations delineate the responsibilities between central and local government departments, setting clear standards to promote a unified national market characterized by high efficiency, standardization, openness, and fair competition. By doing so, China is aligning its development paradigm with global best practices, making the market more attractive for both domestic and international enterprises.
Moreover, the regulations emphasize the importance of incorporating the opinions of stakeholders and the public in the review process. This participatory approach ensures that the interests of businesses and consumers alike are safeguarded, fostering a more inclusive economic environment.
China's government has pledged to dismantle regulations and practices that hinder a unified market, paving the way for all types of enterprises to compete on a level playing field. This commitment not only protects the legitimate rights and interests of businesses but also enhances the overall economic resilience and innovation capacity of the nation.
Through these measures, China is set to create a more transparent and equitable business landscape, reinforcing its position in the global market and supporting sustainable economic growth.
Reference(s):
cgtn.com
