Nav Search

Constructing a Market System with High Standards

By Qiu Ping Source: Updated: 2023-03-29

We shall build a national unified market.

We need to strengthen basic systems that are fundamental to the national unified market, promote interconnectivity of market infrastructure, and establish an impartial, well-regulated, and efficient system of market supervision. We need to create markets with high standards for commodities, services, and production factors, put in place a modern logistics network, and vigorously develop the Internet of Things.

We also need to reduce institutional transaction costs and the cost of logistics as much as possible while maximizing the scale and agglomeration effects of the unified market.

We must vigorously implement the strategies of rural revitalization and new-type urbanization, facilitate flows of production factors between urban and rural areas, and unleash the huge potential of their integrated development. We will establish a mechanism for regional coordinated development that exploits comparative advantages and promote flows of production factors across a wider area and a wider range of fields.

We also need to swiftly formulate sound regulations and standards for the unified market and abolish regulations and practices that hamper it and fair competition.

We shall deepen market-based reforms related to production factors.

We need to conduct in-depth trials of reforms on the market-based allocation of production factors, improve production factor markets, and expand the scope of their allocations, so that production factors are priced by the market, flow in an autonomous and orderly manner, and are allocated efficiently and equitably.

We need to promote coordinated reforms of rural land expropriations, market trading of rural collective land designated for commercial development, and rural residential land, as well as accelerate the development of a unified market for urban and rural land designated for construction.

We should deepen reform of the system of household registration to allow both skilled and unskilled labor to move freely between urban and rural areas, different regions, and entities under different forms of ownership.

We need to strengthen the systems underpinning capital markets and promote the healthy development of multi-tiered capital markets, as well as accelerate the development of the market for technological factors and improve the method of allocating resources for technological innovation.

We need to quickly establish systems related to data to coordinate the promotion of data property rights, flows and exchanges of data, the distribution of associated earnings, and security governance, as well as encourage the in-depth integration of the digital and real economies and create internationally competitive digital industry clusters.

We need to expedite reform of the market-based pricing of production factors to enhance the mechanism whereby their prices are primarily determined by the relationship between market supply and demand, so as to protect the interests of the public in accordance with the law and minimize inappropriate government intervention in their pricing.

We shall construct a market system with high standards.

We must guarantee equal access, impartial regulation, openness, order, credibility, and legal compliance; encourage smooth flows within the market and remove policy obstructions; and ensure the standardization and facilitation of market supervisory services.

We need to improve all aspects of the property rights system by creating a modern system with clearly defined ownership, clarified rights and responsibilities, strict protections, and smooth transfers, as well as making fairness the core principle, and we must strengthen the protection of intellectual property rights. We must implement the negative list for market access nationwide and strictly apply the single national list-based administration model.

We will implement all aspects of the fair competition review system, treat all market entities equally, improve supervision and implementation mechanisms related to the fair competition system, and strengthen its binding force.

We need to promote the construction of the social credit system, improve relevant laws, regulations, and standards, strengthen the credit commitment system for market entities, and develop a new regulatory mechanism based on credit.