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China to integrate public resources trading platforms

Updated: Aug 14,2015 4:19 PM

The State Council issued a statement on Aug 14, asking its departments and ministries as well as provincial authorities to integrate platforms where public resources are traded.

The platforms that require integration are markets concerning government procurement, construction project bidding, the transfer of land-use rights and mining rights and the trade of State-owned properties.

The integration aims to bring together scattered markets of public resources around the country and set up a national market of public resources that is orderly and transparent.

In its statement, the State Council asked local authorities to integrate the local markets where public resources are traded by the end of June 2016.

By June 2017, there should be a national market for the trading of public resources that is orderly, transparent, efficient and well supervised.

The State Council also said that the national market should allow the whole process of such transactions to be completed online and information to be shared by different parties.

The authorities should also intervene less in the transactions, improve supervision of market players’ behavior and monitor their credit.

The State Council asked the authorities to formulate standards for the national market and its data, so as to allow exchange and sharing of resources and information.

Additionally, the National Development and Reform Commission should work with other ministries to create national regulations to manage the national market of public resources trading, while provincial authorities should review local regulations concerning public resources trading and rectify illegal ones — and those that intrude upon the market players’ free exchanges.