China issues 5-year plan to modernize market regulation

BEIJING - China's State Council has issued a plan to advance the modernization of the country's market regulation over the 14th Five-Year Plan period (2021-2025).

The plan calls for continuously optimizing the business environment in China to fully stimulate the vitality of market entities.

Starting a new business will, for example, become more convenient in China, with average time consumption shrinking from fewer than four weekdays currently to about two weekdays by 2025, according to the plan.

To build a level market playing field, the plan urges efforts to strengthen fair competition and anti-monopoly regulations. Platform companies will be guided to compete in an orderly manner, and practices such as discriminatory treatment and false sales promotions will be investigated in accordance with the law.

New industries and business models will see enhanced supervision, per the plan, underscoring the close monitoring of competition in the "internet plus service" industry and investigating relevant illegal activities.

Efforts should also be made to guarantee food and drug safety, ensure the safe operations of special equipment, strengthen supervision over the quality of industrial products, and further protect the rights and interests of consumers, according to the plan.