Expert interpretation! Accelerating the construction of a unified national market will benefit these industries.

A few days ago, the State Council, the central government of China, issued the Opinions on Accelerating the Construction of a National Unified Market, proposing that China will build a national unified market from the aspects of infrastructure construction and market facilities construction.

What is the national unified market? How to build a unified national market? Which industries will benefit?

On April 10, the Opinions on Accelerating the Construction of a National Unified Market (hereinafter referred to as the Opinions) was officially promulgated, proposing that China will build a national unified market from the aspects of basic system construction and market facilities construction. So, what is a unified big market? What is the significance of building a unified big market?

"To unify the big market is to build a big market with unified basic system rules, high-standard connectivity of market facilities, high-level unification of factors and resources markets, and high-level unification of goods and services markets. At the same time, market supervision should be fair and unified, and unfair market competition and market intervention should be further standardized. "

Building a unified national market is the basic support and internal requirement for building a new development pattern. The opinions clearly pointed out that we should speed up the establishment of unified national market system rules, break through local protection and market segmentation, break through the key blocking points that restrict the economic cycle, promote the smooth flow of commodity elements and resources in a wider range, speed up the construction of an efficient, standardized, fair competition and fully open national unified market, comprehensively promote the transformation of China's market from large to strong, and provide strong support for building a high-standard market system and a high-level socialist market economic system.

According to the opinion, the working principles of accelerating the construction of a unified national market are: based on domestic demand, smooth circulation; Establish and break simultaneously, improve the system; Efficient market, for the government; Systematic coordination and steady progress. The main goal is to continuously promote efficient and smooth domestic market and scale expansion, accelerate the creation of a stable, fair, transparent and predictable business environment, further reduce market transaction costs, promote scientific and technological innovation and industrial upgrading, and cultivate new advantages in participating in international competition and cooperation.

The opinion adheres to the problem orientation and pays equal attention to innovation, and clarifies the key tasks of accelerating the construction of a national unified market from six aspects. From the standpoint of legislation, it is obvious that we should do a good job of "five unifications". The second is to promote high-standard interconnection of market facilities. The third is to create a unified factor and resource market. The fourth is to promote a high degree of unity in the commodity and service markets. The fifth is to promote fair and unified market supervision. From the point of view of breaking the subject, it is obvious that unfair market competition and market intervention should be further regulated.

Xu Hongcai: A unified national market can provide directional guidance for the flow of various resource elements.

"Building a national unified market is an inherent requirement for strengthening the construction of a socialist market economy, especially for promoting high-quality social and economic development." According to Xu Hongcai, deputy director of the Economic Policy Committee of China Policy Science Research Association, since the reform and opening up, China's socialist market economic system has been comprehensively promoted and made remarkable progress, but there are still some shortcomings and weak links, and the characteristics of the whole economic system are still obvious.

Taking the coordinated development of urban and rural areas in Xu Hongcai as an example, in the past, the resource elements between urban and rural areas formed a one-way flow, and the urban siphon effect was obvious. Like a water pump, it attracts talents and funds from rural areas to cities, and does not form a good return mechanism. In order to bridge the dual gap between urban and rural areas and promote the development of new urbanization in China in the future, it is necessary to reform the system and mechanism, such as household registration system, land system and social security system, and these problems will be accompanied by the construction of a unified national market.

Xu Hongcai believes that, especially in recent years, due to the epidemic situation and complicated international relations, China's economic development faces triple pressures of shrinking demand, supply shock and expected weakening, and there are still some bottlenecks in science and technology. Whether innovation can further play a driving role in the economy will affect the high-quality development and sustainability of the future social economy.

"It is very necessary to establish a national unified market. By unifying market access standards, various factors will compete and be distributed fairly in the market, breaking various institutional and institutional obstacles that hinder the free flow of production factors, improving the efficiency of resource operation, and providing directional guidance for the flow of various resource factors. " Xu Hongcai said that to establish a unified national market, it is necessary to break the routine and unify the rules, and not go it alone. Moreover, this rule should be in line with international standards, which will help to form a high-level mechanism and promote fair competition in the market.

Zhang Peng: It helps to reduce transaction costs and alleviate the distortion of factor allocation.

Zhang Peng, deputy director of the Research Center for Listed Companies of China Academy of Social Sciences, said that the establishment of a unified big market is an inherent requirement for high-quality economic development. With the end of industrialization and the opening of urbanization, the source of restricting the improvement of economic growth efficiency has changed from the demand for factors in industrialization to the rational and optimal allocation of factors in high-quality development.

It is of great significance to establish a unified national market, solve various institutional obstacles and circulation obstacles in the circulation of factor markets, improve the efficiency of factor allocation, allocate various factors at the highest value, reduce transaction costs, and alleviate the distortion of factor allocation, so as to stimulate innovation efficiency, tap potential demand, and improve total factor productivity.

In addition, it will help to dredge the domestic circulation, accelerate the circulation and circulation of products and elements, and escort the new development pattern.

Regarding the construction of capital market, Zhang Peng said that under the unified national market system, it is necessary to strengthen the construction of multi-level capital market system and provide classified support for various market entities. The transformation and development of leading enterprises in the capital market should change from focusing on the big to focusing on the strong, and cultivate leading enterprises into high-quality enterprises with large scale, strong strength, distinctive characteristics and strong innovation in various industries, which can represent China's first-class world.

For example, for traditional manufacturing, the capital market should increase its support in supporting its digital transformation, industrialization and digital integration, and intelligent manufacturing. Help traditional industries achieve the second growth curve through digital and intelligent means. For new technology industries that meet the requirements of specialization, specialization and new technology, it is suggested that the capital market moderately relax the listing conditions of specialized, refined, specialized and new enterprises, and support relevant sectors of qualified leading enterprises to realize specialization and refinement of leading enterprises through spin-off listing and classified listing.

Zhu Keli: Accelerate the market unification of data elements and lay the foundation for data openness and enjoyment.

Microscopically, with the promotion of big data industry and big data standardization, the level of enterprise data governance will be further improved. By unifying the demand of the big market, data elements can be more effectively allocated, orderly flow and reasonable agglomeration can be carried out in a wider range, the transformation and application of scientific and technological achievements can be promoted, and the modernization level of industrial chain supply chain can be improved, which is conducive to the continuous emergence of new technologies, new formats and new industries.

So, how should the future data element market be constructed?

Zhu Keli believes that on the one hand, promoting the overall planning of the data factor market requires top-level design and effective supervision. Accelerate the open sharing of data among different subjects, establish and improve circulation mechanisms such as data development and utilization, transaction services, strengthen reasonable data resource integration and security protection, and explore new modes of data resource allocation; On the other hand, promoting the flexible allocation of the data factor market requires the organic combination of various forces. Encourage market micro-subjects, industry associations, chambers of commerce and government departments to build a market-oriented trading platform for data elements and explore feasible data trading mechanisms.

Yang Delong: Multi-sector information sharing and joint supervision will be realized to make up for regulatory loopholes.

"The opinion on building a unified national market is an important programmatic document for China to break regional division and realize a national chess game, which is conducive to promoting the national integration pattern of commodity market, factor market and capital market." According to Yang Delong, chief economist of Qianhai Open Source Fund, building a unified national market is an important policy to further deepen reform, expand opening up, improve resource utilization efficiency, break monopoly and local protection under the new situation, and is conducive to promoting sustainable economic development.

Yang Delong believes that the Opinions focus on medium and long-term planning and make important arrangements in strategic emerging industries and traditional factor markets, involving new energy, traditional infrastructure, big data, logistics, energy storage industries and other fields.

At present, in the face of the global economic slowdown and the complex situation in the post-epidemic era, it is timely for the state to announce the construction of a national unified market. Yang Delong said that by unifying rules and standards, market efficiency can be greatly improved, especially in market supervision. In this way, the whole country plays a game of chess, goes hand in hand in many ways, and makes concerted efforts to realize multi-sectoral information sharing and joint supervision, so as to make up for regulatory loopholes.

In Yang Delong's view, the establishment of a unified national market is conducive to further smooth circulation of the domestic economy, stimulating domestic demand, promoting further economic development, and efficiently promoting high-quality social and economic development in China.

Chen Duan: Realize the effective combination of advantages and deal with the uncertainty brought by the external environment.

"In the face of the epidemic in the century, the overlapping evolution of changes in the past 100 years and the complexity of the big country game, the uncertainty of economic development has been further enhanced. The construction of a unified national market will further smooth the internal circulation system, effectively combine the advantages of China's ultra-large-scale market and supply chain resilience, and cope with the uncertainty brought by the external environment." Chen Duan said that this will not only force the industrial upgrading, but also enable the construction of a super-large domestic market to achieve sustainable development.

In Chen Duan's view, the promulgation of the Opinions was not at that time and now, but focused on the long-term healthy and sustainable development of China's economy. "This is a programmatic and directional issue that is committed to building a long-term mechanism and forming a long-term impact."

What challenges do the Opinions face from the policy spirit to the actual implementation? How to achieve it?

Chen Duan believes that we should first break the regional barriers and local protectionism formed in the past, focus on the unified national market structure, promote the free flow of economic factors and the rebalancing of the development of the eastern, central and western regions, realize the coordinated allocation of factor resources throughout the country, and promote the development and upgrading of industries in various regions.

In terms of digital construction, Chen Duan believes that in the journey of building a unified national market, the new digital infrastructure can bring infrastructure interconnection and effectively promote regional division of labor, integration, complementarity and coordination. In addition, digital technology can effectively promote micro-level value creation and value innovation by improving quality, improving efficiency and enhancing the production capacity of micro-enterprises.

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