In a significant move to bolster economic development, China’s top economic planner, the National Development and Reform Commission (NDRC), unveiled guidelines on Tuesday to accelerate the construction of a unified national market. The guidelines aim to implement a unified market access system and safeguard fair competition across the Chinese mainland.
The initiative is part of efforts to execute key tasks outlined at the influential Central Economic Work Conference held in December 2024. By advancing the establishment of a unified market, China seeks to eliminate regional barriers and foster a more integrated and efficient economic environment.
Among the key measures highlighted by the NDRC are the establishment of a standardized labor market system, the creation of a national unified social security public service platform, and the removal of restrictions on social security registration based on residency. These steps are expected to facilitate labor mobility and enhance social welfare services nationwide.
Li Weizheng, deputy director of the Department of Market System Construction at the Ministry of Commerce, emphasized 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 market accessibility. This reduction reflects China’s commitment to opening up its markets and attracting more overseas investors.
The acceleration of building a unified national market is anticipated to provide a more level playing field for businesses and investors, both domestic and foreign, contributing to sustainable economic growth and reinforcing China’s role in global trade.
Reference(s):
cgtn.com
