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What signal does the heavy document release to speed up the construction of a unified national marke

Date: 2022-04-11
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China's deepening market-oriented reform ushered in an important puzzle.

The Opinions of the CPC Central Committee and the State Council on Accelerating the Construction of a National Unified Market was published on the 10th. Analysts believe that building a new pattern with a big market and promoting the transformation of China's market from big to strong is the highlight of the current deepening reform, which deserves high attention from all parties.

Why do you need a 'national unified market'?

At the beginning of the Opinions, it was emphasized that building a unified national market is the basic support and inherent requirement for building a new development pattern.

At present, China's domestic market is in the forefront of the world, with obvious advantages in commodity market scale and rapid expansion of capital, technology, data and other factors, but the problem of 'big but not strong' is still outstanding.

Dong Yu, executive vice president of Tsinghua University Development Planning and Research Institute, said that the big market does not naturally have the corresponding scale effect. There have been many outstanding problems in China's market system for a long time, such as disunity of system rules, poor flow of factor resources, local protection and market segmentation, which have affected the market function.

In recent years, China has issued a number of important documents on deepening market-oriented reform, which not only focus on accelerating the improvement of the socialist market economic system to make overall arrangements, but also make major arrangements for building a more perfect market-oriented allocation system and mechanism of factors.

The 'Opinions' clearly put forward the idea of 'speeding up the construction of a national unified market with high efficiency, fair competition and full openness', and called for comprehensively promoting the transformation of China's market from big to strong, and making a comprehensive deployment for building a national unified market in a wider and deeper scope, which is considered to have formally formed a 'combination boxing' of market-oriented reform in the new era.

'The key to building a new development pattern lies in the unimpeded economic cycle.' In the view of Wang Yiming, vice chairman of China International Economic Exchange Center, only by speeding up the construction of a unified national market, breaking through the key blocking points that restrict the economic cycle, breaking the local protection and market segmentation, promoting the smooth flow of commodity elements and resources in a wider range, and constantly enhancing the advantages of China's market can we effectively attract global high-end elements and market resources, better connect domestic and international markets, and provide strong support for the construction of a new double-cycle development pattern.

Dong Yu said that what kind of big market to build will largely determine the future appearance of China's economy. It is an inevitable choice for China's economy to achieve sustained and healthy development and remain invincible in international competition by consolidating and expanding the advantages of market resources through reform and forming the synergistic effect between large factories and large markets.

Establish regulations and stabilize market expectations

How to build a unified national market? On the principle of specific operation, 'both establishing and breaking' has become the key word.

'Stand up', focusing on establishing rules and regulations. Rules are the cornerstone for the healthy development of the market. In recent years, China's market facilities and other 'hardware' have been continuously improved. While further proposing to promote high-standard connectivity of facilities, this Opinion puts more emphasis on making up the shortcomings of 'software' such as institutional rules, and has deployed a series of key tasks on establishing and improving institutional mechanisms and breaking through institutional congestion.

For example, from the perspective of the bottom rules of healthy market operation, the Opinions put forward the basic system of 'four unifications' of property rights protection, market access, fair competition and social credit.

'Only when the rules are consistent can policies and implementation be truly unified and coordinated.' Dong Yu believes that the property right system is the foundation of the market, and it is necessary to improve the system of equal protection of economic property rights of various ownership systems according to law; The principle of access is the balance of the market, and the management mode of 'one list in the whole country' should be strictly implemented; Fairness is the basic game rule of the market, so we should treat all kinds of market players equally. It is the soil for the growth of credit market, and it is necessary to form a full-coverage credit information network. The direction of 'four unifications' fully reflects the respect for the general laws of market economy.

Another challenge facing China's market from big to strong is the unbalanced development. The development of factor and resource markets lags behind, and the problem of market segmentation has not yet been solved. Only by letting the factors and resources flow can the economy become active.

Wang Yiming noted that, in response to these problems, the Opinions put forward measures to build a unified market for land, labor, capital, technology, data, energy and ecological environment, such as accelerating the cultivation of data factor markets, promoting the timely establishment of a national electricity trading center, and building a national unified carbon emission rights and water rights trading market, etc., which is of great significance to fill the shortcomings of China's market system.

Promoting fair and unified market supervision is also an important way to break down local protection and regional barriers and build a unified national market. The expressions of 'strengthening the standardization of market supervision', 'unifying law enforcement standards and procedures, standardizing law enforcement behavior and reducing discretion' were written into the Opinions. As for the new business model, the official put forward the idea of 'promoting online and offline integrated supervision', and at the same time, stressed the need to 'pay equal attention to regulatory norms and promote development, and fill the gaps of laws and standards in time'.

Dong Yu believes that these regulatory requirements, together with an effective implementation mechanism, will enhance the scientificity, effectiveness and accuracy of supervision, and realize the synchronous improvement of supervision ability and supervision effect. When the supervision is more scientific, it will also enhance the stability and predictability of the market.

Breaking down barriers and escorting the overall situation with reform

In terms of 'breaking', the Opinions highlight 'further standardizing improper market competition and market intervention'.

Specifically, relevant measures include strengthening anti-monopoly and steadily promoting the reform of natural monopoly industries; Investigate and deal with unfair competition according to law, and rectify the network black and gray industrial chain; Break down local protection and regional barriers, and comprehensively clean up all kinds of preferential policies that discriminate against foreign-funded enterprises and foreign enterprises; Abolish the regulations and practices that hinder equal access and exit according to law and violate the unified market construction in the field of bidding and procurement.

It is not difficult to see that the above measures are aimed at both market players and government departments. While focusing on breaking the explicit barriers, they put more emphasis on breaking all kinds of implicit barriers.

Wang Yiming said that it should be noted that with the rapid development and wide penetration of new generation information technologies such as big data, Internet of Things and artificial intelligence, all kinds of market barriers and barriers are being destroyed, and the networked market structure is being promoted, which has revolutionary significance for building a unified national market. Therefore, on the one hand, it is necessary to strengthen the regulation of monopoly and unfair competition in new formats and modes such as platform economy; On the other hand, we should give full play to the positive role of platform economy in breaking regional blockade and market segmentation and promoting the construction of a unified national market.

Dong Yu analyzed that the Opinions have made clear the requirements for breaking local protection and regional barriers, cleaning up and abolishing the regulations that hinder equal access and exit according to law, and should be intensified. At the same time, it also reminds all regions 'not to engage in' small but complete' self-circulation, and not to engage in regional blockade in the name of' internal circulation''. This means that all parties should take the initiative to clean up all kinds of barriers, especially the ideological barriers, and truly implement the new development concept in the construction of a unified big market.

At present, the difficulties and challenges in China's economic work have increased. Experts stressed that the outstanding contradictions and problems faced by the reform should be resolutely broken. Only in this way can the overall stability be escorted by the point-by-point reform.


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