China issues guideline on building unified national market
To break local protection and facilitate the smooth flow of economic circulation, China on Sunday issued a guideline on building a unified national market at a faster pace.
The unified national market is expected to improve the efficiency of and expand the scale of China's domestic market, according to the guideline document jointly released by the State Council and the Central Committee of the Communist Party of China.
Another goal is to reduce the cost of transactions by facilitating the market-oriented allocation of production factors and helping the circulation of goods and services.
China will further unify the basic systems and rules, including those for property rights protection, market access, fair competition and social credit, said the guideline.
Facilities and platforms in different sectors, including logistics, deal information and transaction platforms, should be connected across the country, according to the guideline.
The guideline also vows to build unified markets for various production factors, including land, labor, capital, technology, data and energy.
Moreover, unified standards for goods and services will be set up. Supervision, regulation and law enforcement will be more standardized.
The guideline emphasized that local protection and regional barriers should be broken down to ensure open and fair competition.