China Issues Guidelines on Establishing Unified Domestic Market

Financials Author: Yiru Qian Apr 11, 2022 03:34 PM (GMT+8)

China expedites the process to deepen reform

CCTV CBD Beijing

The Communist Party of China Central Committee and the State Council have jointly issued a guideline on accelerating the establishment of a unified national market that is highly efficient, rules-based, fair for competition, and open.

China vows to promote the efficient circulation and expansion of the domestic market, foster a stable, fair, transparent and predictable business environment. The market transaction cost is also expected to be lowered along with adjective antitrust supervision. It further aimed to boost sci-tech innovation and industrial upgrade and cultivate new advantages for participating in international competition and cooperation, said the guideline released on April 10.

According to the guideline, China will unify basic systems in terms of property rights protection, market access, fair competition and social credit.

The guideline also proposed to promote a high degree of interconnectivity of market facilities, including building a modernized circulation network, optimizing the exchanging channels of market information, and upgrading the transaction platforms.

Five types of markets were prioritized in the guideline, namely the capital, technology and data, energy, environment, land and labor, with efforts being made to develop a unified domestic market of productivity factors and resources.

For the consumption side, China worked to establish a sound commodity quality system, standards and metrology system. It was designed to improve service quality and strengthen the protection of consumer rights and interests.

The guideline highlighted three aspects of the market regulatory rules and stressed intervention toward five types of misconduct. It called for strengthened anti-monopoly efforts and a crackdown on unfair competition practices.

The CCP's leadership, incentive and constraint mechanisms, cross-regional synergies and collaborative work acted as four backbones to achieve a unified national market, said the guideline.