Further deepening of China's reforms

The resolution on further deepening reform comprehensively to advance Chinese modernization has identified three key reform measures to accelerate the construction of a high-standard market system, a crucial reform task, said Han Wenxiu, executive deputy director of the office of the Central Committee for Financial and Economic Affairs, at a media conference in Beijing on Friday.

The resolution was adopted at the third plenary session of the 20th Central Committee of the Communist Party of China held from Monday to Thursday.

The first measure in this regard is building a unified domestic market, which includes establishing a unified market for urban and rural construction land, an integrated national market for technology and data, a unified and standardized system with shared information for bidding and public resource trading platforms, unified and integrated circulation rules and standards, and a unified national electricity market, said Han.

Secondly, the country will advance reforms on the market-based allocation of production factors, enhancing the systems and rules of markets for labor, capital, land, knowledge, technology, management, data and so on, he said.

Thirdly, the country will enhance the fundamental institutions of the market economy, which includes improving rules for property rights protection, information disclosure, market access, bankruptcy procedures, and credit supervision, he said.

By nature, the market economy is a rule-of-law economy. The resolution has specifically asked to prevent and rectify interference in economic disputes through administrative and criminal enforcement, and apply equal accountability, charges and punishment for behaviors that infringe upon the property rights and legitimate interests of economic entities under all forms of ownership, he added.