THE country’s market regulator said late Monday it would secure a fair competition between public and private companies.

The State Administration for Market Regulation promised to revamp the policy system for competition and stick to the principle of competitive neutrality for State-owned and private enterprises, that is to be neutral in regulation, tax and debt and to treat all market entities fairly and equally.

“We will strengthen law enforcement to regulate the market and enhance market fairness,” said Zhang Mao,, minister of the State Administration for Market Regulation.

The administration will inspect fair competition in an all-around manner and adopt a new mechanism to concretely reduce the burden of the companies.

By the end of this year, it will carry out self-checks on annulling documents that would impede the establishment of a uniform market and fair competition.

Data showed there were 106 million market entities in China at the end of September 2018, 95 percent of which are individual and private businesses. Private enterprises contributed to more 80 percent of China’s urban employment and 90 percent of its new jobs.(Xinhua)