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China takes big step in pricing reform

Xinhua, September 23, 2015 Adjust font size:

A list of items that have their prices set by the government has been reduced by almost half, according to a statement released after a State Council executive meeting presided over by Premier Li Keqiang on Wednesday.

Previously, price controls were levied on 13 categories. This has been slashed to 7, including natural gas, electricity, water supply for irrigation works and postal services. The total number of items subject to price restrictions has dropped markedly from nearly 100 to 20.

The initiative aims to "allow the market play a better role in allocating resources, effectively stimulate domestic demand and promote industrial transformation."

At the meeting, the government also promised to try harder to take to task officials found guilty of dereliction of duty, including those that have left land unused or failed to live up to their professional responsibilities. Endi