"The goal is to break down current monopolies, including those in the public sector, spawned by local-level protectionism, remove improper administrative interference and nip in the bud private-sector monopolies that have been blocking the formation of an open market," Liu said.

Many local governments have issued notices regulating salt price hikes to nip market manipulation moves in the bud.

Nip and tuck, ironically enough, is a ballooning industry.

"Therefore, making institutional improvement on resolution plans of our country's financial institutions and creating effective plans is conducive to early prevention of risks and the enhancement of efficiency of risk disposal, so that financial institutions will nip the problems in the bud.