Unified national market to get boost

Expert calls for dismantling barriers that hinder free flow of various factors

The State Council, China's Cabinet, has adopted a raft of policy measures to accelerate the building of a unified national market, as part of the country's efforts to boost domestic demand and consolidate the foundations of economic recovery.

While chairing an executive meeting of the State Council on Monday, Premier Li Qiang heard a report on the progress of building a unified national market.

Noting that efforts in this regard will help facilitate domestic circulation and promote the building of a new development paradigm, the meeting highlighted the need to accelerate the improvement of fundamental systems in various sectors, including market access, intellectual property rights protection and transactions, data and information, and social credit.

Steps will be taken to advance reforms related to fiscal, tax and statistical policies in a proactive yet prudent manner, according to the meeting, which emphasized that more pilot programs will be rolled out to establish a range of institutions and rules to facilitate the construction of a unified national market.

Efforts will be made to tackle issues such as market segmentation and local protectionism through special rectification campaigns, in order to remove obstacles hindering the development of a unified national market, the meeting said.

Xu Hongcai, deputy director of the China Association of Policy Science's Economic Policy Committee, said the key to building a unified national market lies in dismantling barriers hindering the free flow of various factors such as population, capital and land.

By eliminating local protectionism and market segmentation, China can create a more dynamic and integrated economic landscape, which will further leverage the advantages of the country's superlarge market, optimize resource allocation based on market forces, and promote collaboration and coordination among different regions, he said.

Moreover, the unified national market, which is being developed with a global perspective, aims to create an open and fully accessible market, which is not only beneficial for domestic enterprises but also provides a more enabling environment and greater opportunities for foreign businesses, he added.

In November, the Ministry of Commerce launched a special review to identify and address regulations or measures that may discriminate against foreign-invested enterprises, in a bid to create a more equitable market environment for foreign businesses, anchor the long-term investment expectations of foreign investors in China and bolster their confidence.

In March 2022, the Chinese government issued a guideline on accelerating the construction of a unified national market.