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China to build fair competition review mechanism

Updated: Jul 26,2015 10:18 AM     Xinhua

BEIJING — China will introduce fair competition reviews into its industrial policy as the country prioritizes a fair, competitive economy, State Administration for Industry and Commerce Chief Zhang Mao said on July 25.

Zhang said the move was designed to create an open and transparent environment for the market.

A market that has not fully formed an environment of fair competition will hinder economic transformation and upgrade, Zhang said.

Zhang said the reform would help reverse past occurrences when the government chose and allocated resources.

He said such acts could disturb the market and create unfair competition.

In March, China adopted the competition policy in a blueprint for innovation.