In a significant move to bolster economic integration, China’s top economic planner, the National Development and Reform Commission (NDRC), unveiled comprehensive guidelines on advancing the construction of a unified national market. Announced at a press conference on Tuesday, the guidelines aim to implement a unified market access system and safeguard fair competition across the nation.
This initiative aligns with the key tasks outlined at the Central Economic Work Conference held in December 2024, signaling China’s commitment to deepening economic reforms and promoting a more open and efficient market environment.
The NDRC highlighted several critical measures, including the establishment of a standardized labor market system and the creation of a national unified social security public service platform. Notably, restrictions on social security registration based on residency will be removed, facilitating greater labor mobility and accessibility to social benefits for residents across different regions.
Emphasizing the country’s efforts to attract foreign investment, Li Weizheng, deputy director of the Department of Market System Construction at the Ministry of Commerce, underscored ongoing initiatives to reduce barriers. “The nationwide negative list for foreign investment has been trimmed to just 29 measures,” said Li, marking significant progress in market accessibility. This reduction reflects China’s dedication to creating a more welcoming and competitive environment for foreign investors.
The implementation of a unified national market is expected to enhance resource allocation efficiency, stimulate innovation, and promote sustained economic growth. By standardizing regulations and reducing regional disparities, China aims to foster a more cohesive and dynamic domestic market that can better respond to global economic challenges.
Analysts anticipate that these measures will not only benefit businesses within China but also offer new opportunities for international companies seeking to invest in the Chinese market. The move demonstrates China’s ongoing commitment to reform and opening-up policies, reinforcing its role as a pivotal player in the global economy.
Reference(s):
cgtn.com
