China to pilot comprehensive reforms on production factors across 10 regions

China has launched a two-year pilot program to comprehensively reform the market-based allocation of production factors in 10 selected regions, according to a plan released at a press conference held by the State Council Information Office on Thursday.

The pilot areas include Beijing's municipal sub-center, major cities in southern Jiangsu Province, the Hangzhou–Ningbo–Wenzhou corridor, the Hefei metropolitan area, the Fuzhou–Xiamen–Quanzhou cluster, Zhengzhou, the Changsha–Zhuzhou–Xiangtan region, nine mainland cities of the Guangdong–Hong Kong–Macao Greater Bay Area, Chongqing, and Chengdu.

The pilot program has been designed to deepen reforms in the allocation of production factors across a broad spectrum of resources, ranging from traditional elements such as land, labor, and capital to emerging areas including data, computing power, airspace, and spectrum, according to Li Chunlin, deputy head of the National Development and Reform Commission. Li noted that while the implementation plans share a common framework, each region will focus on specific factor areas suited to local conditions.

Li said the program aims to address issues including technology commercialization, efficient land use, talent mobility, data utilization, capital support for the real economy, and market mechanisms for environmental and resource factors.

The pilot regions will focus on creating more high-quality jobs, expanding service supply, improving labor market conditions, and strengthening vocational skills to unleash workforce potential, said Yun Donglai, an official with the Ministry of Human Resources and Social Security.

Wang Xin, director of the Research Bureau of the People's Bank of China, the country's central bank, said that standards, financial statistics, and information disclosure will be improved to facilitate capital flows, support regional financial reforms, and manage risks.

The National Data Administration will prioritize unlocking the value of public data, encouraging collaborative innovation in data application scenarios, and developing mechanisms for secure and orderly data circulation, according to Yu Ying, deputy director of the administration.