To advance China’s goal of developing its market-oriented economy, a comprehensive two-year pilot programme has been launched in 10 economically significant regions – aiming to improve the market-based allocation of key resources such as technology, land and data.
The undertaking seeks to remove institutional barriers, improve resource-allocation efficiency, and promote high-quality development by allowing markets to play a decisive role in pricing and distributing factors of production, as growth of the world’s second-largest economy remains under pressure, according to a directive published on Thursday.
The 10 regions designated for related experiments include Beijing’s Tongzhou district; the Greater Bay Area; parts of Zhejiang and Jiangsu provinces; Chengdu in Sichuan province; and Chongqing municipality, all of which “possess favourable conditions for carrying out reforms and are highly representative”.
“Since the reform and opening-up [period, which began decades ago], most goods and services in China have shifted to market-based pricing and free flow, but the factor-market system remains underdeveloped, hindering the market’s decisive role in resource allocation,” he said at a press conference on the same day.
Xi issues rallying call against protectionism in Brics speech
Xi issues rallying call against protectionism in Brics speech
