China Issues New Guideline to Strengthen Price Governance Mechanism
New measures aim to enhance market price formation and maintain price stability across key sectors.
BEIJING, April 2 — China has released a comprehensive guideline aimed at advancing its price reform initiatives and enhancing the price governance framework.
This initiative was jointly issued by the General Office of the Communist Party of China Central Committee and the General Office of the State Council.
The new guideline seeks to refine the market price formation mechanism to facilitate effective resource allocation.
It outlines strategies for the price guidance mechanism, focusing on developmental and security needs within key sectors, alongside a regulatory framework to ensure reasonable pricing levels.
Furthermore, it aims to establish a transparent and predictable market price supervision system.
To enhance the market price formation mechanism, the guideline promotes deepening market-oriented price reforms and accelerating the establishment of marketplaces in vital areas, with the objective of fostering a competitive and orderly market environment.
Price guidance under the new framework will concentrate on five crucial areas: agricultural products, to ensure food security; energy pricing, geared towards supporting a green transition; public utilities, to promote sustainable development; public services, aimed at ensuring equitable access; and innovative pricing methods for the safe and efficient utilization of public data.
The guideline also emphasizes the importance of controlling the overall price level by enhancing the synergy between price policies and other economic policies, including fiscal, monetary, industrial, and employment measures.
Efforts will be made to stabilize the prices of critical commodities as part of this strategy.
Additionally, the newly outlined measures will optimize the market price supervision mechanism, creating a regulatory environment that is both transparent and predictable for businesses while safeguarding the rights and interests of consumers.
This initiative was jointly issued by the General Office of the Communist Party of China Central Committee and the General Office of the State Council.
The new guideline seeks to refine the market price formation mechanism to facilitate effective resource allocation.
It outlines strategies for the price guidance mechanism, focusing on developmental and security needs within key sectors, alongside a regulatory framework to ensure reasonable pricing levels.
Furthermore, it aims to establish a transparent and predictable market price supervision system.
To enhance the market price formation mechanism, the guideline promotes deepening market-oriented price reforms and accelerating the establishment of marketplaces in vital areas, with the objective of fostering a competitive and orderly market environment.
Price guidance under the new framework will concentrate on five crucial areas: agricultural products, to ensure food security; energy pricing, geared towards supporting a green transition; public utilities, to promote sustainable development; public services, aimed at ensuring equitable access; and innovative pricing methods for the safe and efficient utilization of public data.
The guideline also emphasizes the importance of controlling the overall price level by enhancing the synergy between price policies and other economic policies, including fiscal, monetary, industrial, and employment measures.
Efforts will be made to stabilize the prices of critical commodities as part of this strategy.
Additionally, the newly outlined measures will optimize the market price supervision mechanism, creating a regulatory environment that is both transparent and predictable for businesses while safeguarding the rights and interests of consumers.
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