China is taking significant strides toward unifying its vast domestic market. On Tuesday, the country’s top economic planner, the National Development and Reform Commission (NDRC), unveiled new guidelines aimed at advancing the construction of a unified national market. These guidelines focus on implementing a consistent market access system and safeguarding fair competition, marking a pivotal move in China’s economic development.
The initiative stems from the key tasks outlined at the Central Economic Work Conference held in December 2024. By emphasizing a unified approach, China seeks to eliminate regional barriers and discrepancies that have long hindered market efficiency and economic integration across the nation.
Among the key measures highlighted by the NDRC is the establishment of a standardized labor market system. This includes the creation of a national unified social security public service platform, which will remove restrictions on social security registration based on residency. Such changes aim to promote labor mobility and ensure equal access to social security benefits for all residents, regardless of where they live.
In addition to domestic market unification, China is also focusing on attracting foreign investment. Li Weizheng, deputy director of the Department of Market System Construction at the Ministry of Commerce, emphasized the ongoing efforts to reduce barriers for foreign investors. “The nationwide negative list for foreign investment has been trimmed to just 29 measures,” said Li, highlighting significant progress in market accessibility.
These efforts reflect China’s commitment to creating a more open and efficient market environment. By unifying market standards and reducing entry barriers, both domestically and for foreign investors, China aims to foster economic growth and strengthen its role in the global economy.
Reference(s):
cgtn.com
