New price setting mechanism on cards

China is set to optimize the price governance mechanism, with the primary aim of empowering market forces to play a more decisive role in price formation, while promoting efficient allocation of resources to serve the construction of a unified national market, said officials and experts.

The initiative is a critical component of China's broader efforts to create a fair, open and perfectly competitive market climate that will help unleash greater vitality for businesses of all types and strengthen the growth momentum of the economy, they added.

According to a document issued on Wednesday by the General Office of the Communist Party of China Central Committee and the General Office of the State Council, the country plans to expedite the establishment of a high-level price governance mechanism that is market-effective, well-regulated and scientifically managed.