It was also decided at the meeting to implement the principle of competitive neutrality, and overhaul the policies and measures that hamper the growth of private businesses or fail to treat domestic and foreign investors as equals. The fair competition review system will be implemented in all governments including and above the county-level before the end of this year.

Under this system, all business-related policies shall go through fair competition review and mechanisms for filing complaints and third-party evaluation will be established to forestall or redress any action that precludes or constrains competition.

In the meantime, it is imperative to enhance impartial regulation and tackle inadequacies in government oversight or corporate enforcement of their primary responsibilities.

In the areas concerning public safety and health, a system of hefty fines and compensations will be set up to hold companies accountable for the grave consequences arising from their breach of law.

The meeting also urged to comprehensively enhance the protection of intellectual property and promote credit rating-based regulation to foster a dynamic, fair and orderly market.

"We must move quickly to sort through existing decrees to see that our policies are open, transparent and pro-free trade," Li said. 

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