China will innovate in the management of government investment and establish a coordinated mechanism to strengthen supervision over projects, according to a guideline issued by the general office of the State Council on March 19.
The new mechanism will involve measures to address serious problems, such as an ineffective regulatory system and inadequate supervision, with the aim of further regulating investment projects and market order, according to the State Council’s statement.
The authorities will establish an online platform for sharing and regulating information concerning approval processes around the country, it said.
Additionally, a transparent and efficient coordinated mechanism to regulate investment projects will also be established.
The planned mechanism requires a reasonable division of administrative powers, coordinated delegation of powers from ministries, and enhancing the ability of local governments to perform administrative duties.
Authorities at all levels are required to enhance management for construction projects and ensure legitimacy and orderliness, with a special focus on completion and operation.
The guideline clarifies the supervisory duties of relevant ministries and local governments, requiring them to fulfill their responsibilities.
Credit reports will also play an important role in supervision, by detecting violations of laws and regulations in a timely manner.
And governments and ministries at all levels are required to make sure that the measures are implemented.