Items subject to price restrictions slashed

China has cut the number of items subject to price restrictions by nearly 30 percent in a revised government pricing catalog released on March 16, the country's top economic planner said.

The new list, to be implemented from May 1, removes items no longer subject to price controls, such as some railway and air travel tickets, compared with the previous version released in 2015, the National Development and Reform Commission said in a statement.

The initial offer and final sales prices of electricity and natural gas are also removed, opening them up to market forces, but midstream transmission and distribution prices are still listed, allowing government supervision.

The list now features 16 items divided into seven categories, including goods and services in public utilities, public welfare services and network-based natural monopolies, the statement said.

The revision will help promote market-oriented reform, streamline government administration and create a fair and competitive market environment, said Li Shuguang, a law professor at China University of Political Science and Law.