China has unveiled an ambitious two-year pilot program to overhaul the allocation of production factors across 10 strategically selected regions, signaling a major step toward optimizing market efficiency and fostering sustainable economic growth. The initiative, announced at a State Council Information Office press conference, targets both traditional elements like land and labor and emerging sectors such as data and computing power.
Strategic Regional Focus
The pilot areas span key economic hubs, including Beijing's municipal sub-center, the Hangzhou–Ningbo–Wenzhou corridor, and nine cities in the Guangdong–Hong Kong–Macao Greater Bay Area. Each region will tailor reforms to local strengths, creating a mosaic of innovation across the Chinese mainland.
Comprehensive Reform Scope
Li Chunlin, deputy head of the National Development and Reform Commission, emphasized the program's dual focus: addressing systemic challenges in technology commercialization and land use while pioneering frameworks for data circulation and environmental resource markets. The reforms aim to break down barriers to talent mobility and improve capital flows to the real economy.
Workforce and Financial Innovations
Yun Donglai of the Ministry of Human Resources and Social Security highlighted plans to create high-quality jobs and enhance vocational training, while central bank official Wang Xin outlined financial system upgrades to support regional reforms. The National Data Administration will prioritize unlocking public data value through secure sharing mechanisms.
