China's Top Planner Promises Harsh Measures on Market Irregularities

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Last updated at: (Beijing Time) Thursday, March 06, 2003

China's Top Planner Promises Harsh Measures on Market Irregularities

China will continue to implement the market-oriented reform and take harsh measures to rectify and standardize the order of the market economy in 2003, said the country's top economic planner.

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China will continue to implement the market-oriented reform and take harsh measures to rectify and standardize the order of the market economy in 2003, said the country's top economic planner.

Zeng Peiyan, minister in charge of the State Development Planning Commission, told the first session of the 10th National People's Congress Thursday.

"We will deal severely with illegal and criminal activities such as manufacturing and marketing fake or shoddy goods, smuggling, distribution of smuggled goods, and pyramid schemes," he said.

Special campaigns against wrongdoings in the market will continue, and the central government will come down hard on major economic crimes and irregularities that seriously endanger the order of the market economy.

"We will promptly establish systems for enterprise and individual credit information, so as to develop an honest, credible and lawful market environment as soon as possible. We will strengthen supervision and management of production safety to prevent serious accidents," the minister said.

In addition, the government will improve the mechanism whereby prices are determined mainly by market forces under government macroeconomic regulation. Such systems as holding public hearings on government price-related decisions, expert reviews, group reviews and supervision and examination of prices for important goods and services, will be improved, he said.

"We will speed up the reform of the investment and financing systems, give enterprises the right to make independent investment decisions and improve macrocontrol of the country's fixed-asset investment," Zeng said.

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