China to strengthen market regulation by 2020

A security guard keeps watch on the Bund in front of the financial district of Pudong in Shanghai, China October 19, 2016. REUTERS/Aly Song

SHANGHAI (Reuters) - China plans to strengthen market regulation by 2020 to fight fake goods, food and drug safety issues and lack of consumer protections, among other things, said the country’s cabinet in an announcement posted on its official website on Monday.

China’s State Council set out principles underpinning market improvement goals in a five-year plan, which included strengthening consumer rights, improving market efficiency and removing barriers to encourage entrepreneurship.

China will ensure comprehensive and transparent market access rules and improve the commercial registration system to ease market access, according to the plan.

The government will take action to strengthen consumer protection, with a focus on the elderly, children and those in rural areas, it added.

Reporting by Winni Zhou and Engen Tham; Editing by Shri Navaratnam