China's market entities increase to 111 million |

China's market entities increase to 111 million

Updated: Feb 15, 2019 By HU YONGQI Print

As of Friday, the number of registered market entities in China reached 111 million, including 35 million enterprises, according to the State Administration for Market Regulation.

Market regulation authorities need to adapt their policies on enterprises in line with this surge, the administration said.

In 2018 market regulation authorities nationwide checked 1.6 million enterprises randomly, with officials and targets randomly selected by computer.

The results of these checks were posted on the National Enterprise Credit Information Publicity System’s website, which is available to the public.

In key fields, including food and drug safety, strict oversight will be continued with nearly all enterprises to be checked, said Ma Zhengqi, deputy head of the administration.

Because these are considered high-risk fields, all enterprises should be subject to a random check, he said.

Last year about five percent of enterprises were checked, Ma said. Random checks and punctual disclosure reduce governmental meddling in enterprises, and increase efficiency for officials, he said.

Enterprises thought to carry safety risks or being complained about by consumers however can be checked at any time, he said.

By the end of 2020, all market regulation operations will adopt random inspection and punctual disclosure, said Ma.

Ma made these comments at a policy briefing hosted by the State Council Information Office on Friday.

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