BEIJING — China will take steps to increase the efficiency and transparency in market regulation, an official of the country’s market watchdog has said.
Under the measures involving 16 departments which shoulder market regulation responsibilities, both regulators and inspected enterprises are selected randomly, said Ma Zhengqi, deputy head of the State Administration for Market Regulation.
Such moves are aimed at boosting regulation efficiency and relieving administrative burdens on enterprises since the randomly selected regulation departments should also perform others’ duties in an action, and enterprises’ frequencies of being inspected are accordingly reduced.
Meanwhile, regulation procedures and results are displayed publicly to improve fairness and transparency, Ma said.
Inspection frequencies will be set by provincial governments based on enterprises’ credit records, according to Ma.
While increasing inspections on enterprises having been complained or reported, regulators should pay particular attention to enterprises in the sectors of food and medicine to prevent safety and quality risks.
The State Council, China’s cabinet, has issued a guideline for the nationwide implementation of such measures.
The measures are expected to be fully implemented by the end of 2020, Ma added.