CHINA will practice list-based management for all items requiring administrative approval, to regulate the exercise of power and provide more benefits for enterprises and more accessible services to the public, as decided at the State Council’s Executive Meeting chaired by Premier Li Keqiang on Tuesday.

The meeting also decided to implement category-based management of corporate credit risks to make oversight fairer and more efficient.

“Both decisions are aimed at fostering a market-oriented, law-based, and internationalized business environment, continuing to deepen the reform of government functions and lowering government-imposed transaction costs, which are of great significance,” Li said. “They are also required by the urgent needs at present as the market expectations now are relatively weak.”

The meeting required all provinces, cities and counties to complete compiling their own lists of items by the end of the year, which shall put on the lists all the items requiring administrative approval as stipulated by law.

The essential information elements covered by the lists should be broadly unified across the country to see that the same approval item will be processed according to the same standards across different regions. The list compiled by a locality should not go beyond the scope of the list made by its higher authorities.

To foster a market climate of honesty, good faith and fair competition, category-based management of corporate credit risks will be pursued in accordance with laws and regulations. Well-calibrated regulatory measures including oversight conducted through the random selection of both inspectors and inspection targets and the prompt release of results will be adopted to see that regulation will not stand in the way of honest businesses while making those of bad faith pay the price. (SD-Xinhua)