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China on Sunday unveiled an action plan to guide the building of a high-standard market system in the next five years. The plan proposes more than 51 specific measures covering five
aspects, including the basic institutions of the market, efficient
allocation of production factors in the market, market environment and
quality, high-level opening-up and the oversight mechanism of the modern
market system. The country will consolidate basic institutions of the market by
comprehensively improving property rights protection, implementing the
negative list system for market access and making advancements in fair
competition. Measures should be taken to improve laws and regulations on equal
protection of property rights, enhance the judicial protection system
for property rights enforcement and strengthen the protection of
intellectual property rights (IPR). The country will also adopt a nationwide negative list, expand market
access trials, as well as strengthen and improve enforcement of laws on
anti-monopoly and anti-unfair competition, according to the plan. To promote efficient allocation of factors, the plan vowed efforts to
promote the orderly flow of labor resources, the healthy development of
the capital market and the development of knowledge, technology and
data. Institutions for trading IPR, as well as the property rights of
scientific and technological achievements, shall be set up, with the IPR
transfer and licensing services to be carried out nationwide, according
to the document. It also called for measures to expand the opening-up of the financial
services market, allowing the establishment of foreign-controlled joint
venture banks and securities firms, as well as wholly foreign-owned or
joint venture asset management firms. Efforts will go into improving the pre-establishment national
treatment plus negative list management system regarding market access,
further shorten the negative list for foreign investment, expand the
scope of the list of industries that encourage foreign investment and
promote institutional opening-up, the document said. In terms of the oversight mechanism of the market, the country will
adopt an inclusive and prudent oversight system for new forms of
industries, strengthen the monitoring of transactions in the factor
market, actively prevent market abnormal fluctuations and guard against
external risks. China for the first time proposed to build a high-standard market
system, which is unified and open with orderly competition, sound market
institutions as well as governance, in around five years, said an
official with the National Development and Reform Commission. The plan put more emphasis on the completeness of market
institutions, fair competition and the role of government in maintaining
market order and countering market failures, the official said. Enditem
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