BRI NEWS China further lifts government price controls in new pricing catalog

BRI NEWS

China further lifts government price controls in new pricing catalog

Xinhua

10:30, March 17, 2020

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(Photo: VCG)

BEIJING, March 16 (Xinhua) -- China has cut the number of items subject to price restrictions by nearly 30 percent in a revised government pricing catalog released Monday, the country's top economic planner said.

The new list, to be implemented starting May 1, removed items that are no longer subject to price controls, such as some railway and air travel tickets, as compared with the previous version released in 2015, the National Development and Reform Commission said in a statement.

The updated catalog also removed the initial offer and final sales prices of electricity and natural gas, opening them to market forces, but still keeps midstream transmission and distribution prices for government supervision.

The list now includes seven categories of 16 items, including goods and services in public utilities, public welfare services and network-based natural monopoly, the statement said.

The revision will help promote market-oriented reform, streamline government administration and create a fair and competitive market environment, said Li Shuguang, a professor at China University of Political Science and Law.

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