China’s top economic planner, the National Development and Reform Commission (NDRC), unveiled new guidelines to advance the construction of a unified national market at a press conference on Tuesday. This initiative aims to implement key tasks outlined at the Central Economic Work Conference held in December 2024, signaling a significant step in China’s ongoing economic reforms.
The guidelines include implementing a unified market access system and safeguarding fair competition across the nation. By establishing standardized market mechanisms, China seeks to enhance efficiency and foster a more open and equitable business environment.
Among the key measures, the NDRC highlighted the establishment of a standardized labor market system and a national unified social security public service platform. These efforts aim to remove restrictions on social security registration based on residency, promoting greater labor mobility and ensuring equal access to social benefits for all residents.
Li Weizheng, the deputy director of the Department of Market System Construction at the Ministry of Commerce, emphasized the government’s commitment to reducing barriers for foreign investment. “The nationwide negative list for foreign investment has been trimmed to just 29 measures,” Li stated, marking significant progress in market accessibility and openness.
The reduction of the negative list—the catalogue of sectors restricted or prohibited for foreign investors—reflects China’s dedication to fostering an inclusive and competitive market. This move is expected to attract more foreign investors and stimulate economic growth by providing them with greater access to various industries.
These developments are part of China’s broader efforts to deepen economic reforms and integrate more fully into the global economy. By accelerating the creation of a unified national market, China aims to streamline regulations, eliminate regional disparities, and create a level playing field for both domestic and foreign businesses.
The implementation of these guidelines is anticipated to have far-reaching impacts on the economy, benefiting not only businesses but also workers and consumers through enhanced market efficiency and increased opportunities.
Reference(s):
cgtn.com
