Establishing a unified national market crucial to China's sustainable and high-quality development

Editor's note: Yi Shaohua is a director and research fellow from the Market Circulation and Consumption Research Office of the National Academy of Economic Strategy, Chinese Academy of Social Sciences. The article reflects the author's opinions and not necessarily the views of CGTN. The article has been translated from Chinese and edited for brevity and clarity.

A unified national market is a typical feature of a major economy. As the world's second-largest economy and consumer of goods, China boasts a large population and a vast domestic market. Building a unified national market is crucial to both domestic and international market integration and strengthening global economic risk prevention. It holds great significance for achieving high-quality economic development under the new development paradigm.

In the new era, a unified national market propels continuous expansion of market capacity, steady improvement in market efficiency, and consistent optimization of the market environment. This presents the world with new opportunities through China's new development, attracting global goods into the Chinese market. With over 100 million market entities, China has the most comprehensive industrial system in the world, growing technological innovation capabilities, bolstered by an abundance of human capital. These factors are the premise and foundation for China's advantage of ample market supply. 

China's stable political environment, positive cultural atmosphere, orderly legal environment, and well-established market mechanisms all exert crucial and positive influences on the sustained growth and efficient operation of the market. This propels the upgrading of domestic products and industries to better meet people's aspirations for a better life. Apart from that, it also facilitates the integration of foreign enterprises into the dual-circulation system, stimulating the flow of goods and services globally, steering new investments and industrial trends and optimizing resource allocation. This would help build an open world economy, and infuse new vitality and impetus into the recovery of the global economy.  

(Cover via CFP)