China continues to loosen price controls

China's local governments have given enterprises more autonomy to price their products and services, said an official with the country's top economic planner Thursday.

So far, 30 of China's 31 provincial-level governments have revised their "pricing catalogues," reducing the number of items subject to government price controls by 55 percent, said Li Pumin, secretary general of the National Development and Reform Commission (NDRC).

Last month, the central government revised its catalogue, cutting the number of items subject to its price controls by 80 percent as part of efforts to give the market a bigger role.

China vowed to reduce intervention in price formation in the 2016-2020 period, according to a communique released last week after the Fifth Plenum of the 18th Communist Party of China Central Committee.

"We will continue to push forward price reforms, with a focus on key areas, including medical care, natural gas, power and public services," said Li, adding that the NDRC will crack down on unlawful price hikes or controls. Endi