China accelerates development of unified national market

China's top economic planner unveiled guidelines on advancing the construction of a unified national market which includes implementing a unified market access system and safeguarding fair competition, at a press conference on Tuesday.

The move is part of the efforts to implement the key tasks outlined at the tone-setting Central Economic Work Conference held in December 2024.

Other key measures highlighted by the National Development and Reform Commission (NDRC) include establishing a standardized labor market system, establishing a national unified social security public service platform and removal of restrictions on social security registration based on residency.

Li Weizheng, deputy director of the department of market system construction of the Ministry of Commerce, emphasized ongoing efforts to reduce barriers to foreign investment. "The nationwide negative list for foreign investment has been trimmed to just 29 measures," said Li, marking significant progress in market accessibility.  

The release of the guidelines reflects a commitment to turning the "blueprint" for a unified market into actionable steps. These reforms are fostering consensus across Chinese society, enhancing market efficiency, and contributing to high-quality economic development in China, said Wang Shancheng, director general of the department of comprehensive system reform of the NDRC.  

(With input from Xinhua; Cover via CFP)