China has decided to establish a fair play review system by the end of the year, targeting all enterprise-related regulations, regulatory documents and policy measures made by governments at and above county level.

The decision was made Tuesday at a State Council executive meeting presided over by Premier Li Keqiang.

Supporting measures such as complaints reporting and third-party evaluation will also be taken to prevent and rectify the practices of eliminating or restricting competition, according a statement after the meeting.

The State Council also emphasized the principle of competitive neutrality and urged quicker streamlining and revision of laws and regulations that hinder fair competition and constrain the development of private business.

"Policy measures that fail to grant domestic and foreign investment equal treatment must be rectified or abolished," said the statement.

To tighten relevant supervision, the State Council has decided to put in place a huge compensation and penalty mechanism. Enterprises and individuals will be severely punished once their lawbreaking results in serious consequences.

Intellectual property protection and credit supervision must be enhanced so as to foster a dynamic fair market, according to the the meeting.

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