Ren Xingzhou, Institute of Market Economy of DRC

The sixteenth conference of the Leading Group for Comprehensively Deepening Reform of the CPC Central Committee reviewed and approved the "Guidelines on implementing the system of market access negative list". It clearly states the overall requirements, major tasks and supporting measures with respect to market access negative list and explicitly proposes that China will implement a nationally unified system of market access negative list from 2018. This is a clear overarching plan on market access system and an institutional reform with far-reaching significance. First, implementing the system of market access negative list is a crucial institutional step to bring into play the decisive role of market resource allocation. This means that negative list management is expanded from covering fields of foreign investment to incorporating all fields of investment including those of domestic investment, indicating a major reform in China's market access management system. It also proves that through the implementation of market access negative list system and foreign investment negative list system, China is determined to accelerate the construction of a modern market system in line with international rules and promote opening-up-oriented reform to construct an open economic system. Second, the market access negative list is an institutional norm relating to restrictions and permissions for relevant fields of investment". This fully displays market access principle based on fairness, justice and openness. On the one hand, apart from those fields which are prohibited or limited to make investment, market players can get access to any other fields without any special encouragement. On the other hand, the development of market players should depend more on their own efforts for fair market competition. Third, the implementation of the system of market access negative list has posed higher demands on government's management patterns which include the following aspects. 1. The transformation from approval-based government to service-oriented government calls for the improvement of legal system under the market economy conditions; 2. The government's regulation system should be reformed and transformed; 3. Efforts should be made to achieve innovation in the management mode and service target; and 4. The social credit system should be perfected with an all-around social supervision and a reward/punishment mechanism should be established.