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NDRC: Resource Product Pricing Reform to Be Vigorously Promoted
smm insight
Jun 5,2013

SHANGHAI, Jun. 5 (SMM) - The 2013 National Economic System Reform Work Conference was held in Beijing during May 30-31. Xu Shaoshi, Director of the National Development & Reform Commission (NDRC), asked related departments to implement measures that that have been introduced in a timely manner and roll out new measures as appropriate according to the requirement of Suggestions on Deepening Economic System Reform in 2013. He also emphasized pushing ahead with transformation of economic growth mode, accelerating reform in fiscal, tax and financial system as well as deepening reform in resource product pricing.     

Mr Xu advocates the establishment of resource product price mechanism that reflects market supply and demand, resource scarcity degree and harm to environment. In order to reduce effect of pricing reform on people’s life, prices of electricity, gas, water and heat for resident use must remain relatively stable, while prices of products that are not of daily necessities must reflect market supply and demand. 

According to Mr Xu, detailed measures on encouraging private investment are now basically complete and barriers in system are being gradually eliminated. Private investment will be encouraged in financial, energy, railway and telecommunication sectors this year. Ownership and business licenses in branch railway, inter-city railway and resource mining sectors will be open to private investment.

Mr Xu added that review and approval rights of investment projects, business licenses and qualification licenses will delegated to lower levels. Meanwhile, supervision should be enhanced. As for items whose review and approval rights will not be delegated, administrative procedures should be further simplified so as to achieve higher efficiency. (Edited by SMM)

China resource product pricing reform
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