The Chinese government has dumped 124 price regulations in order to fit its price laws into the framework of the World Trade Organization (WTO).

The State Development Planning Commission (SDPC) announced Friday that it will also revamp another 51 price regulations. In the largest-ever overhaul of outdated pricing practices, officials from the SDPC sifted through a total of 341 regulations and documents released before the end of 2000.

Over half of them do not accord with the rules of WTO and newly enacted Chinese laws. As a result, only 166 of the regulations will remain unchanged.