The National Development and Reform Commission issued the "Administrative Measures for the Price Index of Important Goods and Services (Trial)"-
Promote the healthy development of the price index market (Sharp Finance)
On June 17, the National Development and Reform Commission issued the "Administrative Measures for the Price Index of Important Goods and Services (Trial)", which will be implemented on August 1, 2021.
The relevant person in charge of the National Development and Reform Commission stated that the "Measures" follow the principle of standardizing behavior and optimizing services, and put forward system standard requirements for various behaviors such as price index compilation, release and information disclosure, operation and maintenance, evaluation, transfer and termination.
The promulgation of the "Measures" is conducive to promoting the reasonable formation of market prices for important commodities and services, including bulk commodities, and promoting the healthy development of my country's price index market.
Part of the price index is not scientifically compiled and released
The price index generally includes the relative number of changes in the price of a certain (type) of goods or services in two different periods, and the absolute price level of a certain (type of) goods or services in a specific period.
According to Xu Guangjian, a professor at the School of Public Administration of Renmin University of China, price is the core element of the market mechanism and plays an irreplaceable role in the allocation of resources.
For the price mechanism to function normally, it is necessary to have a price formation mechanism based on market formation prices. At the same time, a scientific and complete price index system is indispensable. "The price index can accurately reflect the dynamics of market prices and their The impact on the production and life of relevant market entities".
From a mechanism point of view, data from the National Development and Reform Commission show that the price mechanism is basically perfected mainly by the market.
All prices that can be formed by the market are given to the market. Up to now, more than 97% of the prices of goods and services have been formed by the market.
In terms of price index, the relevant person in charge of the Price Department of the National Development and Reform Commission introduced that in recent years, some market institutions have competed to collect price information and compile and publish price indexes in China, which has played an important role in promoting the formation of reasonable prices, increasing the transparency of price signals, and increasing the influence of my country’s price indexes. Serving the development of the real economy played a positive role.
"But at the same time, we must see that there are some price indices that, because product price information is not accurate and timely, or the compilation and release of scientific information are not scientific, they have played a reverse regulatory role in the normal operation of the price mechanism." Xu Guangjian said, more attention should be paid to the Some price indices, driven by economic interests, are more arbitrary and have misled the behavior of market entities, disrupting the market price order to a certain extent, and exacerbating market price fluctuations.
Therefore, in order to promote the healthy operation of the market price system, protect the legitimate rights and interests of market entities, and optimize the business environment, there is an urgent need to regulate and supervise the compilation and release of this type of price index.
Ensure that the naming conforms to the market conditions it reflects
In order to improve the scientificity of index compilation and ensure that the price index more truly and objectively reflects the price trend of goods and services, the "Measures" promulgated this time stipulate that the price index compilation plan should clarify the background and purpose of the price index compilation and the basic market conditions reflected in it. , Collection and calculation method, release method and frequency, base period basis point of relative price index, etc.
Xu Guangjian said that the "Measures" are comprehensive in content and require specific and clear requirements.
For example, in order to ensure that the naming of the price index conforms to the market conditions it reflects, the "Measures" clearly stipulate the naming of the price index.
The price index with the words "China" and "Country" should fully prove the proportion of the transaction scale covered by the information collection point in the national market, and the coverage can accurately and effectively reflect the national market price situation; the regional name should be given It should fully prove the proportion of the transaction scale covered by the information collection point in the regional market, and the coverage can accurately and effectively reflect the regional market price situation.
The authenticity of the original price data and the representativeness of the sample are the basic prerequisites for ensuring the quality of the price index.
The "Measures" make clear requirements for this, mainly including the selection criteria of price information collection points, the selection criteria of price information that meets the needs of price index compilation, and the processing when a small number of price information collection points account for a large proportion of the price information sources. Measures, etc.
"In addition, the "Measures" allow price index actors to use subjective judgments in the case of low market activity or no actual transactions, but they have made strict normative requirements, including clear definitions in the price index compilation plan Use the conditions and priorities of subjective judgments, and fully disclose the preparation plan and the use of subjective judgments in the actual preparation process, etc." said the person in charge.
There is no entry threshold for price index actors
Does the "Measures" restrict price index actors?
The market is generally concerned about this issue.
In response, the National Development and Reform Commission responded: The “Measures” does not set an entry threshold for price index actors, and all types of market entities can compile and publish price indexes without requiring application, review, filing, etc. to obtain qualifications.
Only from the perspective of the basic ability to compile and publish price indexes, some principled requirements are put forward for price index actors, such as independence, legal and stable price information sources, and necessary professionals, facilities, skills, Organizational structure, etc.
This is the basic requirement to ensure the normal and standardized operation of the price index market.
Adequate information disclosure is the basis for ensuring the independence, openness and transparency of price indices, thereby establishing market influence, and is also a core requirement for internationally regulating price indices.
The “Measures” clearly stipulates the content that needs to be disclosed, focusing on the basic situation of price index actors, index preparation plans, brief calculation basis and process of the latest value of the index, and self-assessment results. The purpose is to allow the market to fully understand the behavior of price indexes. The independence of the main body, the scientific nature of the formulation of the plan, the accuracy of the calculation results and the stability of the operation, in order to create a market environment of benign competition, prevent price index manipulation, and promote the healthy development of the price index market.
Xu Guangjian said that the "Measures" also made specific and feasible specifications for the responsibilities of price authorities.
It is clarified that the competent price department can, in conjunction with relevant departments, carry out evaluation and compliance review of relevant price indexes according to work needs to determine whether the price index behavior complies with the provisions of the Measures and provide a basis for possible disciplinary measures.
Qiu Haifeng
Qiu Haifeng