China is taking significant steps to advance the development of a unified national market, as the country’s top economic planner unveiled comprehensive guidelines during a press conference on Tuesday. The announcement is part of efforts to implement the key tasks outlined at the Central Economic Work Conference held in December 2024.
The National Development and Reform Commission (NDRC) outlined several measures aimed at streamlining market access and promoting fair competition across the nation. These include the implementation of a unified market access system, the establishment of a standardized labor market, and the creation of a national unified social security public service platform. In a move to enhance workforce mobility, restrictions on social security registration based on residency will also be removed.
Li Weizheng, deputy director of the Department of Market System Construction at the Ministry of Commerce, highlighted the ongoing efforts to reduce barriers to foreign investment. “The nationwide negative list for foreign investment has been trimmed to just 29 measures,” Li stated, marking significant progress in opening up China’s market to global investors.
These initiatives are expected to foster a more efficient and integrated domestic market, benefiting both domestic and international businesses. By simplifying market access and enhancing social security systems, China aims to boost economic vitality and attract greater foreign investment, contributing to the country’s sustainable economic growth.
Reference(s):
cgtn.com
