China issues guideline on establishing unified domestic market

China has released a guideline on accelerating the establishment of a unified domestic market that is highly efficient, rules-based, fair for competition, and open.

China aims to promote the efficient circulation and expansion of the domestic market, foster a stable, fair, transparent, and predictable business environment, and reduce market transaction costs. It further aims to boost sci-tech innovation and industrial upgrade and cultivate new advantages for participating in international competition and cooperation, said the guideline, jointly issued by the Communist Party of China Central Committee and the State Council.

Efforts will be made to improve a unified property rights protection system, implement a unified market access system, and optimize a unified social credit system.

The guideline underscored promoting the interconnectivity of market facilities, including building a modernized circulation network, improving the exchanging channels of market information, and upgrading the transaction platforms.

China will work to develop a unified domestic market of productivity factors and resources, including land, labor, capital, technology, data, energy, and the environment.

The guideline stressed the establishment of unified market regulatory rules and comprehensive improvement of the market regulatory capabilities. It called for strengthened anti-monopoly efforts and crackdown on practices of unfair competition.