China seeks public opinions on draft revision of defaulter blacklist regulations

BEIJING -- China's State Administration for Market Regulation (SAMR) has released a draft revision of regulations on the blacklist of defaulters in commercial activities on its website for public opinions.

The draft revision was introduced to improve market regulation based on a well-established business credit system, according to the SAMR.

Under the revised blacklist regulation system, supervision of market activities associated with drugs, food, special purpose equipment and other areas vital to people's life and health will be prioritized.

The blacklist will be expanded from enterprises to self-employed business-people, social organizations, individuals who hold direct accountability for the wrongdoings in the blacklisted entities, and other market participants, according to the draft revision.

The revised version also specifies 36 wrongdoings which businesses and individuals should not conduct to avoid being blacklisted.

China's market regulator put an interim version of the regulations into effect on April 1, 2016.

The draft revision is open to public opinions until Aug 10.