A State Council executive meeting Wednesday passed a draft regulation on the registration management of domestic market entities. It aims to provide rule-of-law safeguards for developing market entities and boost fair competition.

During the 13th Five-Year Plan (2016-2020) period, more than 60 million new market entities were added. It has enhanced the economic vitality and created numerous jobs, according to the meeting chaired by Premier Li Keqiang.

China will continue to deepen its reforms, seeking to streamline administration and delegate power, improve regulations, upgrade services, and optimize the market-entity registration management system, the meeting said.