Events
The opinions of the CPC Central Committee and the State Council on accelerating the construction of a national unified market was issued on April 10.
Main points
How to understand “establishing a national unified market”?
(1) core objective: to alleviate market distortion and reduce transaction costs, so as to strengthen the momentum of long-term economic growth. As China’s economy moves towards the stage of high-quality growth, good cards need to be played better. In fact, the development of China’s commodity market has been relatively developed. However, for a long time, there has been an obvious distortion of the factor market, resulting in difficulties in financing for China’s small and medium-sized private enterprises, the “running off” of enterprises, the low-quality competition of export enterprises and other problems, Enterprises with more access to resources do not have strong motivation and willingness to further strengthen productivity and participate in market competition, which leads to the slow improvement of factor productivity of the whole economy and society and weakens the “source” of long-term economic growth. The purpose of establishing a “unified market” is to alleviate the distortion faced by commodities and factor resources such as land, labor, capital, technology, data and energy in the allocation and improve the allocation efficiency by breaking the “geographical wall” and “rule wall” of commodity factor resources circulation.
(2) main methods: dredge the blocking points of system and infrastructure, do not intervene directly, and pay more attention to the optimization of market competition environment. Building a large market will not lead to the problem of “returning to the era of planned economy” worried by the market. Whether it is commodity market or factor market, we will not return to the old way of directly guiding production and distribution, remove institutional and infrastructure obstacles for China’s large cycle and international China’s double cycle, create a good business environment, and guide benign market competition and independent development is the main policy direction, The core is to open up the blocking points of rules, systems and facilities that caused unfair distribution and blocked flow of factors. It will be carried out steadily from point to area around improving facilities, connecting data, unifying rules, and is a long-term and continuous process.
What are the implications for investment?
Under the background of the decline of population size and the intensification of resource and environmental pressure, building a unified big market is not only the requirement of the times, but also the content worthy of our focus in long-term investment. In terms of investment, we can focus on “establishing” and “breaking” to grasp the following two ideas: first, in the process of unifying rules and supervision and unblocking the circulation channels of commodity elements, the concept sectors such as network platform construction, data processing technology, network security, logistics and small, medium and micro financial services are expected to reap trend opportunities; Second, in breaking the distorted trend of market intervention, individual stocks and industries that obtain monopoly advantages and positions based on systems, rules and historical unnatural reasons may have obvious adjustments and face certain risks after the introduction of phased adjustment policies.
