(Yicai Global) Sep. 1 -- China's National Development and Reform Commission, its top price setter and economic planner, has released road maps and timetables for price regulation in monopoly industries with the aim of implementing a transparent and standardized system by 2020, Xinhua reported.

The NDRC will increase efforts to reform cross-provincial and cross-regional special transmission projects and power transmission prices for regional grids in 2018, approve distribution prices for incremental power distribution networks and local grids. The commission will also formulate power transmission and distribution costs and disclosure measures.

The road map also confirms plans to establish gas pipeline transmission and distribution pricing methods and cost supervision and review methods. The institution will also re-approve short distance pipeline transmission prices within provinces, set independent gas distribution prices, and reduce high transmission and distribution prices before the end of next year.

The NDRC will work to implement cost supervisions in the passenger rail sector before the end of this year and will gather opinions on how to refine hard seat and sleeper fares. The goal is to gradually form a fare system based on the speed and grade of trains and the difference of service.

The plan also aims to develop and perfect the cost supervisions for the water, gas and heating prices for full coverage by 2020.

Monopoly industries are those dominated by one or a few business entities and mainly refer to network-type groups and crucial public utilities. These sectors mainly include power transmission and distribution, natural gas pipeline transmission, and railway transport, as well as public utilities.