BEIJING -- 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.

The draft has detailed unified regulation measures on the registration of various market entities, including companies, individually-owned businesses and farmer cooperatives.

The draft has made it more convenient for market entities to register, with both application materials and procedures being streamlined.

Efforts should be made to promote one-stop services, the online processing of registration applications and inter-provincial approval, according to the meeting.

Market entities shall register with their real names and be responsible for the authenticity, legality and validity of the materials they submit.

The draft has also clarified the legal responsibilities and punishment for illegal acts to safeguard market order, the meeting said.