China's Ministry of Finance has established a nationwide unified negative list management mechanism for local fiscal subsidies, in coordination with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Commerce, the General Administration of Customs, the State Taxation Administration and the State Administration for Market Regulation, Vice Finance Minister Liao Min said, according to Xinhua Finance.The mechanism clearly defines specific scenarios of illegal subsidies, resolutely prevents new illegal subsidy increments, and categorically regulates existing illegal subsidies.