According to Suzhou Cosc Side Thrusters, the shipping market is a relatively open one. Its market participants include domestic and foreign shipping companies, state‑owned and private shipping enterprises, and cover many sub‑segments of the shipping industry, exerting a direct impact on China’s foreign trade. Therefore, it is of great significance to establish efficient and robust regulatory tools and mechanisms.
On February 17, 2014, an important speech was delivered at the opening ceremony of the special seminar for provincial‑minister‑level leading cadres on thoroughly studying and implementing the spirit of the Third Plenary Session of the 18th CPC Central Committee and comprehensively deepening reform. The speech stressed improving and developing the system of socialism with Chinese characteristics and advancing the modernization of China’s system and capacity for governance. Administrative examination and approval is a “threshold‑based” supervision featuring distinct ex‑ante regulation.
According to Suzhou Cosc Side Thrusters, against the backdrop of streamlining administration and delegating power, the trend toward reducing and abolishing administrative approval items will continue. As approval thresholds are lowered, sound market order, standardized operation and the legitimate rights and interests of the public must still be effectively safeguarded. This requires the government to improve its working methods, strengthen interim and post‑event supervision, avoid regulatory gaps, and prevent disorder arising from excessive deregulation.
According to Suzhou Cosc Side Thrusters, intensive introduction of reform measures including deepening the reform of the administrative examination‑and‑approval system has greatly stimulated market vitality, development momentum and social creativity. How to achieve smooth connection between delegated power and market supervision? How to define the responsibilities of market‑regulatory entities after reform? How to better integrate streamlining administration and delegating power with market supervision so as to truly provide a sound and safe market environment for market participants?
Overall, Suzhou Cosc Side Thrusters holds that the regulation of the shipping market calls for a diversified market‑supervision system. On the one hand, the government shall build a fair and impartial market and establish a credit‑integrity system. On the other hand, enterprises, operating under the favorable environment created by the government, are inherently motivated to uphold brand value and operate in good faith. Third‑party institutions shall play their respective roles as intermediaries in industry self‑regulation, business‑model development and policy proposal submission.