Releasing 放 while controlling 管; finding the equilibrium between free markets and regulation. Used in the context of IPO reform, it describes the delegation of bureaucratic approval processes to industry, though under stronger market regulation.
In the graphic, a pair of 'devolution' scissors sets the 'market' horse free from the rubber stamp: liberating markets from bureaucratic restraints, the government adopts 'supervised deregulation'. Ex post facto supervision is a supporting policy measure in the cause of devolution.