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Effective supervision beneficial to market order

Updated: Jan 5,2017 2:06 PM

Effective government supervision is beneficial to market order and dynamic, according to the decisions made at the State Council executive meeting on Jan 4, 2017.

The meeting passed the five-year plan (2016-2020) on market supervision, in an effort to promote a fair and transparent market.

Random and open supervision by different departments will be promoted, especially at the city and county level, and new technologies, such as big data, will be used in the next five years.

Since business registration reform was launched, over 10,000 companies were started every day in China. Expanding market entities are creating challenges to government supervision.

Now, an enterprise credit information publicity system has been set up nationwide. Zhao Xudong, a professor from China University of Political Science and Law, said the system is significant to enhance enterprises’ credibility and to build a fair market order.

In the new context of integration of online and offline markets, market supervision is even more important for protecting consumers’ legal rights, said Xinhua News Agency. An official from the State Administration for Industry and Commerce said protecting consumers’ rights is significant for supply-side reform. “Consumers’ demand will force the growth of commodities’ quality,” he said.

According to Zhuang Congsheng, head of a research center for China’s private economy, said barriers to the entry and competition for private capital must be eliminated through eased market access and effective supervision.