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Prof. Yu Miaojie: Conditions Ripe for a Unified Domestic Market

Apr 17-2022   



The core competitiveness of the Chinese economy would stem from the formation of a unified national market, commented Prof. Yu Miaojie of the NSD in a media interview on a guideline recently issued by the top authorities. He’s Secretary of the CCP Cell at the NSD and ranked among the top 1% most cited economic scholars globally.

 

The guideline emphasized that China would speed up the construction of a unified domestic market that was highly efficient and regulated, fair and competitive, as well as fully open. According to Prof. Yu, such a grand undertaking would spur China’s integration into the world and facilitate the realization of both the domestic and international circulation. It came at a time when the country had lost its edge in labor costs.

 

The goals enshrined in the guideline encompassed fundamental market rules, market facilities, factor and resource market, goods and service market and market supervision. For example, a unified property rights system would be erected to offer equal treatment to enterprises of all ownership types. Even more importantly, a unified ‘one-list’ management model would be rigorously applied nationwide. Prof. Yu believed that the list would draw on local practices that were more on the open side.

 

The guideline demanded that local protection and market segregation be shattered and key blockages of economic circulation be removed. One of the key issues, said Prof. Yu, would be to abolish redundant road checkpoints to drastically reduce logistic costs and enhance trade efficiency. Besides de-blocking physical road networks, more needed to be done to ensure smooth information flow. Moreover, in a unified factor and resource market, laborers should be allowed to freely move across regions and the residence permit system should be steadily phased out.

 

Prof. Yu pointed out that a unified domestic market would be fully open and facilitate the expansion of imports, especially of intermediate goods, to improve the all-factor productivity of the firms.

Prof. Yu Miaojie: Conditions Ripe for a Unified Domestic Market

Apr 17-2022   



The core competitiveness of the Chinese economy would stem from the formation of a unified national market, commented Prof. Yu Miaojie of the NSD in a media interview on a guideline recently issued by the top authorities. He’s Secretary of the CCP Cell at the NSD and ranked among the top 1% most cited economic scholars globally.

 

The guideline emphasized that China would speed up the construction of a unified domestic market that was highly efficient and regulated, fair and competitive, as well as fully open. According to Prof. Yu, such a grand undertaking would spur China’s integration into the world and facilitate the realization of both the domestic and international circulation. It came at a time when the country had lost its edge in labor costs.

 

The goals enshrined in the guideline encompassed fundamental market rules, market facilities, factor and resource market, goods and service market and market supervision. For example, a unified property rights system would be erected to offer equal treatment to enterprises of all ownership types. Even more importantly, a unified ‘one-list’ management model would be rigorously applied nationwide. Prof. Yu believed that the list would draw on local practices that were more on the open side.

 

The guideline demanded that local protection and market segregation be shattered and key blockages of economic circulation be removed. One of the key issues, said Prof. Yu, would be to abolish redundant road checkpoints to drastically reduce logistic costs and enhance trade efficiency. Besides de-blocking physical road networks, more needed to be done to ensure smooth information flow. Moreover, in a unified factor and resource market, laborers should be allowed to freely move across regions and the residence permit system should be steadily phased out.

 

Prof. Yu pointed out that a unified domestic market would be fully open and facilitate the expansion of imports, especially of intermediate goods, to improve the all-factor productivity of the firms.