Chinese premier urges reform of market regulation

BEIJING - Chinese Premier Li Keqiang has urged a nationwide reform of oversight of markets in a bid to reduce unnecessary interference into normal business operations.

A national conference was held on Wednesday to discuss how to push forward the reform that asks for "random inspections of businesses by randomly selected law enforcement officers or inspectors" and the prompt release of results.

In a written instruction, Li said this is key to the work to streamline administration, transform the functions of the government, improve its performance, and reduce corporate costs and rent-seeking.

That will create a better environment for businesses and start-ups and contribute to sustained and healthy economic and social development, he said.

Chinese authorities seek to reinvigorate the slowing economy through reducing red tape and letting the market play a bigger role in economic operations.

Although China has made progress in streamlining administration, overhauling market regulation and optimizing government services, some measures have not been fully implemented. Unfair law enforcement, arbitrary inspections and inadequate supervision have revealed loopholes in market regulation.