China takes new policy steps in bid to build unified domestic market

China will explore an overall work plan on building a unified domestic market and take a raft of new policy steps towards the goal, according to the decisions made at the State Council Executive Meeting chaired by Premier Li Qiang on Friday.

Attendees at the meeting underscored the need to accelerate the building of a unified domestic market that is efficient, rule-based, open and encourages fair competition, and facilitates the smooth flow of commodity factors and resources in a wider scope.

Those at the meeting noted that such efforts will fully leverage the country's edge of a broad-based economy, make resource allocation more effective, further tap into market potential, better harness advanced resources and factors worldwide, and provide a strong underpinning for fostering a new development paradigm and pursuing high-quality development.

Localities should fulfill due responsibilities with a bigger picture in mind. Resolute steps should be taken to break fixed mindset and guard against silo mentality, according to the meeting.

Attendees at the meeting agreed that a targeted rectification campaign will be launched to address such pressing concerns as local protectionism and market fragmentation in key areas. Sustained work will be made to ensure concrete benefits.

The meeting called for greater efforts to deepen the reform. Further measures will be employed to optimize property rights protection; market access; fair competition; social credit and other fundamental systems of the market economy; and improve the incentive, constraint and evaluation mechanism, so as to fine tune relevant institutional mechanisms for building a unified domestic market.