The meeting called for efforts to pursue progress while ensuring stability, consolidate stability through progress and establish the new before abolishing the old.

As a result, the conference underlined the necessity of adhering to the general principle of seeking progress while maintaining stability, promoting stability through progress, and establishing the new before abolishing the old.

In an article published on Tuesday in People's Daily, Han called for more efforts to pursue progress while ensuring stability, consolidate stability through progress and establish the new before abolishing the old, as requested by the annual tone-setting Central Economic Work Conference, which was held in December.

Against the backdrop of heightened geopolitical tensions, global growth sluggishness and domestic economic transformation, the recently concluded Central Economic Work Conference called for efforts to pursue progress while ensuring stability, consolidating recovery through progress and "establishing the new before abolishing the old".

Wei Jianguo, former vice-minister of commerce, said he expects that China will continue to enhance the market-oriented, law-based business climate that is up to international standards, and abolish regulations that are not in line with the pursuit at central and local government levels.

He also said that China should enhance the implementation of national treatment for foreign companies while abolishing discriminatory regulations, increase policy stability and transparency, and ensure the equal participation in government procurement of all types of enterprises to encourage fair competition and spur productivity.

In accordance with the arrangements of the State Council, China's Ministry of Justice, in collaboration with other departments, sorted out relevant regulations to promote strict, standardized and fair law enforcement and comply with related revised laws, and decided to amend 14 administrative regulations and abolish one regulation.

Those who have drafted and enforced the targeted measures are responsible for abolishing or rectifying them, the administration said.

The act of abolishing China's developing country status is completely due to the United States' shortsighted self-interests.

"China must follow the principle of establishing the new before abolishing the old," stressed Huang, who is also a member of the Jiusan Society, a non-communist party.

Principle of 'establishing new before abolishing old' is crucial, says officialBuilding an inclusive, green and low-carbon economy is crucial to promoting China's quality development, but the country should promote the low-carbon transition in a rational and orderly manner in order to ensure energy security, Vice-Premier Han Zheng said on Thursday.

Building an inclusive, green and low-carbon economy is very important, but the work should be promoted in line with the country's national conditions by firmly adhering to the principle of "establishing the new before abolishing the old", said Han, who is also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee.

Huo said more breakthroughs are required to achieve that purpose, especially in abolishing practices inconsistent with improving the business climate and advancing institutional innovations that are up to high-level international standards but also meet China's needs.

Efforts will be made to abolish the regulations and rectify practices that hinder the building of a unified national market to ensure fair competition, said Lian Weiliang, NDRC deputy director, in a recent interview with Xinhua.

To achieve this, the city will continue to implement the negative list for market access and abolish regulations and practices that hinder fair competition and the formation of a unified market.

The miserable life for Dalong's family and millions of other peasants came to an end in 1959, when the Communist Party of China (CPC) led local people to carry out democratic reforms, abolishing the region's feudal serfdom under theocracy, which had lasted for centuries.

Cui Dongshu, secretary-general of the China Passenger Car Association, said China's move to abolish the list is helpful to stimulate competition in the industry.

"We are relieved these lists are going away, but we cannot be certain if the Chinese government is committed to abolishing subsidies until they actually remove all subsidy policies," an executive at one foreign battery maker told Reuters.

There has also been a rapid rise in cross-regional car dealing as more cities abolish restrictions on car ownership transfers, giving buyers more choices, said the report.

The end of May 2016 was the deadline, imposed by an eight-article guideline issued by the State Council to local governments, to abolish any limits on inflows of second-hand vehicles from other regions.

Soliciting public opinions until August 21, the draft measures have proposed to allow overseas non-financial institutions to invest in financial asset management companies in China, and abolish the total assets requirement for overseas financial institutions to be investors of financial asset management companies.

Meanwhile, abolishing the central bank's county-level sub-branches is conducive to streamlining State institutions and lifting supervisory efficiency.

The plan also seeks to advance reforms of branches of the PBOC, proposing abolishing regional branches of the central bank and setting up provincial branches.

Some analysts even project that authorities will abolish both annual and daily quotas in the next three to five years, like what they did for the Stock Connect.

The ongoing registration-based reform, which aims to abolish the approval-based initial public offering system and help market forces have a greater say in IPOs, acts as "a fundamental revolution" to China's stock issuance system and entails reforms in fields much wider than the issuance itself, Li said.

China plans to abolish the requirement that domestic insurance companies have to own at least 75 percent stake in insurance asset management joint ventures, the country's top insurance regulator said on Saturday.

Also on Monday, the ChiNext's listing committee held its first meeting to review initial public offering applications on the board, the latest landmark in its market-oriented reform that aims to abolish regulatory IPO approvals and give the market a greater say.

The new law will set the legal basis for the country to adopt a market-based initial public offering system and abolish administrative approval for issuing new shares.

It also announced rules that abolish the investment quota limits for dollar-denominated qualified foreign institutional investors and RMB qualified foreign institutional investors.

The new rules came after China's financial reforms in September to abolish the investment quota limits for QFII and RQFII to boost financial opening-up.

China's forex regulator Tuesday announced it will abolish the investment quota restrictions for the Qualified Foreign Institutional Investors (QFII) and Renminbi Qualified Foreign Institutional Investors (RQFII) to boost financial reforms and opening-up.

Multiple measures to strengthen "opening-up" are welcomed by foreign financial institutions, such as abolishing the restrictions on the share-holding ratio for foreign investment in bank and asset management companies, encouraging foreign participation in the financial and banking sectors, relaxing business scopes of foreign investment insurance companies as well as other areas.

China will abolish management rules on overseas financial institutions' investment in domestic organs, applying the same market entry and administrative approval policies for both Chinese and foreign investment, according to a statement from the China Banking and Insurance Regulatory Commission.

In June, Beijing made a plan to improve the business environment by giving equal treatment to all enterprises and abolishing rules that impede fair play.

To accelerate the implementation of policies to further open up China's banking sector, the nation's banking and insurance regulator is soliciting public opinion on a decision to abolish and revise certain regulations on Chinese financial institutions, such as removing the cap on foreign ownership in Chinese banks and asset management companies.

To promote the implementation of policies to further open up China's banking sector as soon as possible, the regulator is soliciting public opinions on a decision to abolish and revise certain regulations on Chinese financial institutions, such as removing the cap on foreign ownership of Chinese banks and asset management companies.

"So we've urged related departments to abolish the documents," said Shen Chunyao, head of the commission.

"Following a review, we deemed the notices not consistent with the Constitution, nor with laws on education, employment and social insurance, so we urge relevant departments to abolish the documents," said Shen Chunyao, head of the NPC Standing Committee's Legislative Affairs Commission.

"Following our review, we urged the relevant departments to abolish these notices and conduct nationwide self-inspections to ensure rule of law compliance in their operations," Shen explained.

The ministry launched a three-year nationwide operation targeting crimes against wildlife in 2020 after the Standing Committee of the National People's Congress, China's top legislature, approved the decision on prohibiting the trade of wildlife, and aiming to abolish the bad habits of eating wildlife.