China is accelerating the development of a unified national market with the unveiling of new guidelines by the National Development and Reform Commission (NDRC) at a press conference on Tuesday. The guidelines aim to implement a unified market access system and safeguard fair competition across the country.
This move is part of the efforts to implement the key tasks outlined at the Central Economic Work Conference held in December 2024. The conference set the tone for China’s economic policies, emphasizing the importance of a cohesive market system to boost economic growth and stability.
The NDRC highlighted several key measures, including establishing a standardized labor market system and creating a national unified social security public service platform. Crucially, the guidelines propose the removal of restrictions on social security registration based on residency, making it easier for workers to access benefits regardless of their location in the country.
Li Weizheng, deputy director of the Department of Market System Construction of 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,” said Li, marking significant progress in market accessibility. This reduction in restrictions is expected to attract more foreign investors and contribute to the growth of the Chinese economy.
The implementation of a unified national market is anticipated to enhance efficiency, promote fair competition, and provide equal opportunities for businesses and individuals alike. As China continues to open up its market, these measures signal a commitment to integrating domestic markets and aligning with international economic practices.
Reference(s):
cgtn.com
