The General Office of the State Council issued an instruction to strengthen comprehensive trans-department regulation, in an effort to maintain a fair and orderly market environment, reduce institutional transaction costs for market players, and further promote high-quality development, according to a circular released on Feb 17.

By the end of 2023, a mechanism for the management and dynamic update of the key items list of trans-department comprehensive regulation will be established, and trials in some areas will be conducted, the circular said, adding that the item-based system for trans-department comprehensive regulation should be built and improved.

By 2025, China will set up and improve the regulation system in more areas and on a larger scale, further optimize the mechanisms and methods of coordinated regulation, and significantly improve the ability to detect problems and eliminate risks, the circular said.

Inter-agency comprehensive regulation should be conducted in key areas and emerging sectors that are directly involved in the safety of people's lives and property, as well as public safety, and that have potentially high risks.

More efforts will be made to strengthen comprehensive regulation among departments, including defining the division of responsibility for departments, optimizing rules for comprehensive regulation, and improving work mechanisms, according to the circular.

In the meantime, joint trans-department monitoring for potential risks should be strengthened, and joint random inspections for market players should be carried out, the circular said.

The circular also highlighted coordinating departments to handle work on related issues, and implement credit-based regulations.

The departments should hear the opinions and suggestions from local governments and strengthen their guidance, said the circular, adding that advancing trans-regional regulation to improve mechanisms for traceability, information sharing, evidence transfer, joint investigation, and mutual recognition of law enforcement.

Measures will be created to coordinate administrative authorities and judiciary authorities, elevate information-based regulation to a higher level through accelerating application of technology such as big data, artificial intelligence and block chains, and push forward information sharing, the circular said.