Chinese Premier Li Keqiang speaks during a meeting with Klaus Schwab, executive chairman of the World Economic Forum (WEF), via video link at the Great Hall of the People in Beijing, China, July 19, 2022. (ZHANG LING / XINHUA)

China will take further steps to foster an enabling business climate and lower government-imposed transaction costs, to continuously ease the burden on market players and unleash their vitality, according to a decision made at the State Council's executive meeting chaired by Premier Li Keqiang on Wednesday.

Unwarranted business-related fees will be redressed thoroughly, and the exercise of government power will be strictly delimited, while irregularities such as arbitrary charges and excessive taxes and fees will be dealt with

Noting that reform is a critical instrument in the policy tool kit, the meeting stressed adopting reform measures to boost market vitality and further reduce government-imposed transaction costs for market entities.

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Unwarranted business-related fees will be redressed thoroughly, and the exercise of government power will be strictly delimited, while irregularities such as arbitrary charges and excessive taxes and fees will be dealt with.

Li said, "Over the years, the government has been checking the growth of non-tax revenues, by setting a strict boundary for the exercise of government power and resolutely curbing arbitrary charges and fines."

On industrial production approval, a category-based approach will be adopted in regulating products of the same series. Regulatory oversight will be strengthened, and production and sales of counterfeit and substandard goods will be resolutely curbed, in order to uphold fair competition. Mechanisms for the gathering and handling of clues to problems in the business environment will be improved.

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"We must continue to deepen the reform of government functions, in order to foster a world-class, market-oriented business environment governed by a sound legal framework," Li said.