Opinions of the Central Committee of the Communist Party of China and the State Council on the construction of a more complete system of factor-based market allocation

Opinions of the Central Committee of the Communist Party of China on Constructing a More Perfect Market-Oriented Allocation System for Factors

(March 30, 2020)

Improving the market-oriented allocation of factors is an inherent requirement for building a unified, open, and orderly market system, and is an important part of upholding and improving the basic socialist economic system and accelerating the improvement of the socialist market economic system. In order to deepen the reform of factor-based market allocation, promote the independent and orderly flow of factors, improve the efficiency of factor allocation, further stimulate the creativity and market vitality of the whole society, and promote the quality reform, efficiency reform, and power reform of economic development, we are now building a more complete factor market The following are the opinions of the system of institutionalized allocation.

1. General requirements

(1) Guiding ideology. Guided by Xi Jinping's socialist ideology with Chinese characteristics in the new era, fully implement the spirit of the 19th National Congress of the CPC and the Second, Third, and Fourth Plenary Sessions of the 19th CPC Central Committee, adhere to the general tone of progress in stability, and adhere to the supply-side structural reform Main line, adhere to the new development concept, adhere to deepen market-oriented reforms, expand high-level opening, break the institutional barriers that hinder the free flow of factors, expand the scope of factor market allocation, improve the factor market system, promote the construction of the factor market system, and realize the factor price market Decision, independent and orderly flow, efficient and fair allocation, lay a solid institutional foundation for building a high-standard market system, promoting high-quality development, and building a modern economic system.

(2) Basic principles. First, the market decided to orderly flow. Give full play to the decisive role of market allocation of resources, unblock the flow of factors, ensure equal access to production factors for different market players, and promote the allocation of factors to maximize efficiency and optimize efficiency based on market rules, market prices, and market competition. The second is to improve the system and innovate supervision. Give better play to the role of the government, improve the operating mechanism of the factor market, improve government regulation and supervision, achieve an organic combination of mobilization and management, improve supervision and service capabilities, and guide all kinds of factors to gather together in advanced productivity. The third is problem-oriented and classified. Aiming at the problems such as the limited scope of market-determining factor allocation and the existence of institutional mechanisms and obstacles to factor flow, according to different factor attributes, differences in the degree of marketization and the needs of economic and social development, we need to classify and improve the market-based allocation mechanism of factors. The fourth is to make progress steadily and gradually. Adhere to safety and controllability, proceed from reality, respect objective laws, cultivate and develop new forms of factors, gradually improve the quality of factors, and steadily promote the reform of market-based allocation of factors according to local conditions.

Second, promote the market allocation of land elements

(3) Establish and improve a unified urban and rural construction land market. Accelerate the revision and improvement of the implementation regulations of the Land Management Law, improve the relevant supporting systems, and formulate and issue guidance on entering the market for rural collective operating construction land. Comprehensively push forward the reform of the rural land acquisition system and expand the scope of paid use of state-owned land. Establish a fair and reasonable system for distributing value-added gains into the market for collective operating construction land. Establish relevant system regulations for public interest land acquisition.

(4) Deepen the reform of market-based allocation of industrial land. Improve the industrial land market supply system such as long-term lease, lease-before-make, flexible tenure supply, price contribution (shareholding), etc. Under the premise of meeting the requirements of national spatial planning and use control, adjust and improve the industrial land policy, innovate the use method, promote the rational conversion of different industrial land types, and explore to increase the supply of mixed industrial land.

(5) Encourage the revitalization of the stock land for construction. Make full use of the market mechanism to revitalize the stock land and low-efficiency land, and study and improve the tax and fee system that promotes the revitalization of the stock construction land. Promote the active use of the stock of state-owned enterprises in various ways. Deepen the reform of the rural homestead system, deepen the construction land consolidation, improve the urban-rural construction land increase and decrease linkage policy, and provide land element guarantee for rural revitalization and urban-rural integration.

(6) Improve the land management system. Improve the management of land use plans, implement an annual control system for the total amount of construction land, increase the flexibility of land management, and promote the rationalization of land planning indicators. The use of urban and rural construction land indicators should be more responsible by provincial governments. On the premise of the preparation of national land spatial planning and the registration of rural real estate integrated real estate, a three-year rolling plan for the supply of urban and rural construction land will be established and improved. Explore the establishment of a nationwide cross-regional transaction mechanism for construction land and supplementary cultivated land indicators. Strengthen the statistical monitoring of land supply and utilization. Implement unified investigation, unified planning, unified rectification and unified registration of urban and rural land. Promote the development of a real estate registration law.

3. Guide the rational and smooth flow of labor elements

(7) Deepen the reform of the household registration system. Promote the adjustment and improvement of the points settlement policy for mega- and mega-cities, and explore and promote the first mutual recognition of the same urbanization in the urban clusters in the Yangtze River Delta and the Pearl River Delta. The restrictions on city settlement except for some mega-cities should be liberalized, and the system of registering household registration with the place of frequent residence should be tried out. Establish a mechanism for linking basic public services such as urban education, employment and entrepreneurship, medical and health services to the permanent population, and promote the allocation of public resources according to the size of the permanent population.

(8) Unblock the social mobility channels for labor and talents. Improve the unified and standardized human resources market system, and accelerate the establishment of a coordinated and coordinated labor and talent flow policy system and exchange and cooperation mechanism. Create a fair employment environment, correct employment discrimination based on identity and gender, and ensure that urban and rural workers enjoy equal employment rights. The channels for enterprises and social organizations to enter the party and government organs, state-owned enterprises and institutions shall be further unblocked. The state-owned enterprises and institutions should be optimized for the selection and employment mechanism of the society, and the open recruitment of state-owned enterprises in different levels should be promoted. Strengthen employment assistance, implement priority support and key assistance. Improve personnel file management services and accelerate the improvement of the information level of personnel files.

(9) Improve the technical skill evaluation system. Innovate evaluation standards, develop professional standards with professional competence as the core, further break down restrictions on household registration, region, identity, archives, personnel relations, etc., and unblock channels for reporting titles of non-public economic organizations, social organizations, and freelance professionals Accelerate the establishment of a lifelong vocational skills training system for laborers. Promote the evaluation of socialized job titles. Improve the evaluation and selection system for skilled workers. Explore the realization and interlinkage of vocational skill level certificates and academic certificates. Strengthen the construction of the public health team, and improve the training, access, use, treatment guarantee, assessment, evaluation and incentive mechanism of practitioners.

(10) Strengthen the introduction of talents. Smooth access for overseas scientists to work in China. In terms of recognition of professional qualifications, education of children, commercial medical insurance, and stay and residence in China, it provides convenience for foreign high-level talents to come to China for innovation and entrepreneurship.

4. Promote the market-based allocation of capital elements

(11) Improve the basic system of the stock market. To formulate opinions on improving the basic system of the stock market. Adhere to the direction of marketization and rule of law reform, reform and improve the stock market issuance, trading, delisting and other systems. Encourage and guide cash dividends of listed companies. Improve the investor protection system and promote the perfection of the securities civil litigation system with Chinese characteristics. Improve the market construction of the main board, the science and technology board, the small and medium-sized enterprise board, the growth enterprise board and the national small and medium-sized enterprise share transfer system (new third board).

(12) Accelerate the development of the bond market. We will steadily expand the scale of the bond market, enrich the variety of the bond market, and promote the interconnection of the bond market. Unify corporate credit bond information disclosure standards and improve the bond default settlement mechanism. Explore the implementation of the issuance registration management system for corporate credit bonds. Strengthen the unified access management of bond market rating agencies and regulate the development of the credit rating industry.

(13) Increase effective financial service supply. Improve the multi-level capital market system. Build a multi-level, wide coverage, differentiated, reasonable division of labor among large, medium and small banking institutions, optimize the allocation of financial resources, relax market access for the financial services industry, promote the in-depth development and utilization of credit information, and increase financial services for small and micro enterprises and private enterprises supply. Establish an incentive and restraint mechanism for county-level banking financial institutions to serve the “three rural issues”. Promote green financial innovation. Improve the market-oriented and legalized exit mechanism of financial institutions.

(14) Actively and orderly expand the opening of the financial industry to the outside world. Steadily promote RMB internationalization and RMB capital account convertibility. Gradually promote the two-way opening of the securities and fund industries to the outside world, and orderly promote the opening of the futures market to the outside world. Gradually relax the access conditions for foreign-funded financial institutions, and promote domestic financial institutions to participate in international financial market transactions. (To be continued)

V. Accelerate the development of technology factor market

(15) Improve the property rights system for job-related scientific and technological achievements. Deepen the reform of the right to use scientific and technological achievements, the right to dispose of and the right to income, and carry out pilot projects that endow scientific and technological personnel with title or long-term right to use scientific and technological achievements. Strengthen the protection and application of intellectual property rights, and support the independent intellectual property rights market-oriented operations in major technical equipment and key new materials.

(16) Improve the allocation of scientific and technological innovation resources. Reform scientific research project establishment and organization and implementation methods, adhere to goal guidance, strengthen achievement orientation, and establish and improve a diversified support mechanism. Improve the project management mechanism of professional institutions. Strengthen the construction of pilot bases for the transformation of scientific and technological achievements. Support qualified enterprises to undertake major national science and technology projects. Establish a market-oriented and socialized scientific research achievement evaluation system, revise the technical contract recognition rules and scientific and technological achievement registration management methods. Establish and improve the normalization of scientific and technological achievements roadshows and scientific and technological innovation consulting system.

(17) Cultivate and develop technology transfer institutions and technology managers. Strengthen the construction of national technology transfer regional centers. Support technology companies to collaborate with universities and scientific research institutions to establish new R & D institutions such as technology R & D centers, industrial research institutes, and pilot sites. Actively promote the classification reform of scientific research institutes and accelerate the market-oriented and enterprise development of applied technology scientific research institutes. Support universities, scientific research institutions and technology enterprises to set up technology transfer departments. Establish a national technology transfer personnel training system to improve the professional service capability of technology transfer.

(18) Promote the integration and development of technological elements and capital elements. Actively explore ways to promote the capitalization of scientific and technological achievements through angel investment, venture capital, intellectual property securitization, and technology insurance. Commercial banks are encouraged to adopt financing methods such as intellectual property pledges and expected income pledges to provide more financial product services to promote technology transfer and transformation.

(19) Support international scientific and technological innovation cooperation. Deepen international cooperation in basic research, organize the implementation of key special projects for international cooperation in scientific and technological innovation, explore new models of international cooperation in scientific and technological innovation, and expand the opening up of the scientific and technological field to the outside world. Increase international cooperation in the research and development of antiviral drugs and vaccines. Carry out pilot projects for cross-border and convenient flow of innovation elements, develop offshore innovation and entrepreneurship, and explore the promotion of foreign scientists to lead government-supported science and technology projects. Develop technology trade, promote the diversification of technology import sources, and expand technology exports.

6. Accelerate the cultivation of the data element market

(20) Promote the open sharing of government data. Optimize the basic database of economic governance, speed up the promotion of data sharing and exchange between departments in various regions, and formulate a new batch of data sharing responsibility lists. Study and establish institutional norms that promote the opening of public data such as enterprise registration, transportation, and meteorology, and the effective flow of data resources.

(21) Improve the value of social data resources. Cultivate new industries, new formats, and new models for the digital economy, and support the establishment of standardized data development and utilization scenarios in agriculture, industry, transportation, education, security, urban management, and public resource transactions. Give play to the role of industry associations and chambers of commerce, and promote the standardization of data collection in areas such as artificial intelligence, wearable devices, Internet of Vehicles, and Internet of Things.

(22) Strengthen data resource integration and security protection. Explore the establishment of a unified and standardized data management system, improve data quality and standardization, and enrich data products. The study perfected the property right according to the nature of the data. Formulate data privacy protection system and security review system. Promote the improvement of the data classification and classification security protection system applicable to the big data environment, and strengthen the protection of government data, business secrets and personal data.

7. Accelerate the reform of marketization of factor prices

(23) Improve the price mechanism in which factors are mainly determined by the market. Improve the formulation and release system of urban and rural benchmark land prices and calibrated land prices, and gradually form a dynamic adjustment mechanism linked to market prices. Improve the minimum wage standard adjustment, collective wage consultation and corporate salary survey system. Deepen the reform of the state-owned enterprise wage decision mechanism, and improve the performance wage system of public institutions. Establish a system to investigate and compare the wage levels of civil servants and equivalent employees of enterprises, and implement and improve the normal wage adjustment mechanism. We will steadily advance the benchmark interest rate of deposits and loans in line with market interest rates, improve the pricing efficiency of the bond market, improve the Treasury yield curve that reflects market supply and demand, and better play the benchmark role of the Treasury yield curve. Enhance the flexibility of the RMB exchange rate and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.

(24) Strengthen factor price management and supervision. To guide market players to exercise their autonomy in factor pricing in a reasonable manner, and to promote the change of government pricing mechanisms from setting specific price levels to setting pricing rules. Build a factor price publicity and dynamic monitoring and early warning system, and gradually establish a factor price investigation and information release system. Improve the regulation mechanism for abnormal fluctuations in factor market prices. Strengthen the price anti-monopoly work in the field of factors, and maintain the price order in the factor market.

(25) Improve the mechanism by which the factors of production are contributed by market evaluation and the remuneration is determined according to the contribution. Focus on protecting labor income, increase labor remuneration of workers, especially front-line workers, and increase the proportion of labor remuneration in the initial distribution. Fully implement the income distribution policy that is oriented to increase the value of knowledge, fully respect scientific research, technology, and management personnel, and fully reflect the value of technology, knowledge, management, data and other factors.

8. Improve the operating mechanism of the factor market

(26) Improve the factor-based trading platform. Expand the function of public resource trading platform. Improve the trading platform for scientific and technological achievements, and improve the public trading and supervision system for the conversion of technological achievements. Guide the cultivation of the big data trading market and carry out data trading in accordance with laws and regulations. Support enterprises of all types of ownership to participate in the construction of factor trading platforms, standardize the governance of factor trading platforms, and improve the disclosure system for factor trading information.

(27) Improve the elements trading rules and services. Study and formulate land and technology market transaction management systems. Establish and improve data property rights transactions and industry self-discipline mechanisms. Promote full-process electronic transactions. Promote the securitization of physical assets. Encourage factor trading platforms to cooperate with various financial institutions and intermediaries to form a comprehensive service system covering property definition, price evaluation, transfer transactions, guarantees, and insurance.

(28) Improve the level of factor transaction supervision. Break local protection, strengthen anti-monopoly and anti-unfair competition law enforcement, standardize transactions, improve complaint reporting and investigation mechanisms, and prevent acts that harm national security and public interests. Strengthen the construction of the credit system, and improve the mechanisms for identification of untrustworthy behavior, joint disciplinary measures for dishonesty, and credit repair. Improve the transaction risk prevention and disposal mechanism.

(29) Enhance the emergency allocation capability of elements. Take the emergency management and configuration of elements as an important content of the construction of the national emergency management system, meet the needs of emergency material production deployment and emergency management, establish emergency allocation and procurement systems for related production factors, and improve the efficient and coordinated allocation of elements in emergency . Encourage the use of digital technologies such as big data, artificial intelligence, and cloud computing to play a better role in emergency management, epidemic prevention and control, resource allocation, and social management.

9. Organizational Security

(30) Strengthen organizational leadership. All regions and departments must fully understand the importance of perfecting the market-oriented allocation of factors, effectively integrate their thinking and actions into the decision-making and deployment of the Party Central Committee and the State Council, clarify the division of responsibilities, improve the working mechanism, implement work responsibilities, study and formulate supporting policies and measures Ensure that the key tasks identified in this opinion are implemented.

(31) Create a good reform environment. Deepen the reform of “deregulation and service”, strengthen the basic position of competition policy, break administrative monopoly, prevent market monopoly, clean up and abolish various regulations and practices that hinder unified market and fair competition, and further reduce the government ’s direct allocation of factors. Deepen the reform of state-owned enterprises and state-owned financial institutions, improve the corporate governance structure, and ensure that all types of ownership enterprises have equal access to elements.

(32) Promote the steady implementation of reforms. On the premise of maintaining a unified national market, we will carry out pilot demonstrations of market-oriented allocation reform of factors. Summarize experience in time, carefully study new situations and new problems that have emerged during the reform, and promptly promote adjustment and improvement in accordance with the procedures for relevant laws and regulations that do not conform to the reform of market-based allocation of factors.