Li emphasizes need to make market fairer

Further removing unreasonable barriers in economy important, premier says

Premier Li Keqiang has underlined the necessity to improve the long-term mechanism of market regulation to fight monopolies and unfair competition and crack down on hoarding and speculative behavior to ensure a fair and just market order.

While presiding over a symposium at the State Administration for Market Regulation on Monday, the premier said it is important to further remove the unreasonable barriers that constrain the growth of market players and to offer equal treatment to businesses with various forms of ownership.

He said that China's economy faces new downward pressure due to multiple factors and that the country's 100 million-plus market players are the source of confidence and resilience for the nation's economic growth and the pillar of stable economic fundamentals.

Li's remarks came as China's manufacturing purchasing managers index contracted for the second month in a row in October amid power shortages and rising raw materials prices.

The official PMI in October retreated to 49.2, down 0.4 percentage points from the previous month, reflecting waning industrial activity caused by serious electricity supply shortages.

According to the latest data from the administration, the number of market players in China has exceeded 150 million, with over 100 million players registered over the past decade. The market players have shored up the nation's job market, accounting for the employment of over 700 million people. The nation also boasted over 100 million self-employed individuals.

Li surveyed several departments at the authority before presiding over the symposium, in which he heard the reports from ministerial-level officials, representatives from the All-China Federation of Industry and Commerce, the China Private-Owned Business Association and Wumart Group.

Li pledged to come up with a new portfolio of tax cuts and fee reduction measures on a phased basis, taking into account the specific problems faced by businesses, especially smaller companies and self-employed individuals.

Such policies will be channeled directly to market players, he said, adding that financial institutions will be guided to surrender parts of their profits to the real economy.

The premier said the government will utilize unemployment insurance to help businesses stabilize their job posts and conduct professional training, adding that the stabilizing of electricity and coal prices will be prioritized.

China will adopt forceful measures to lift the performance of the industrial economy, he added.

The premier also stressed the need to improve the efficiency of administrative services, including measures to promote easier customs clearance, expand international cooperation and attract foreign investment.