CPC Central Committee and State Council
On building a more perfect
Opinions on the system and mechanism of market oriented allocation of factors
(March 30, 2020)
Improving the market-oriented allocation of factors is the internal requirement of building a unified and open market system with orderly competition. It is also an important content of adhering to and improving the basic socialist economic system and accelerating the improvement of the socialist market economic system. In order to deepen the reform of the market-oriented allocation of factors, 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, efficiency and dynamic changes of economic development, the following opinions are put forward on the construction of a more perfect system and mechanism of market-oriented allocation of factors.
1、 General requirements
（1） Guiding ideology. Guided by Xi Jinping's Thought on socialism with Chinese characteristics for a new era, we should 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 keynote of seeking progress while maintaining stability, adhere to the supply side structural reform as the main line, adhere to the new development concept, adhere to the deepening of market-oriented reform, expand high-level opening-up, and remove the institutional and institutional barriers that hinder the free flow of factors In this way, we should expand the scope of factor market allocation, improve the factor market system, promote the construction of factor market system, realize the determination of factor price market, the independent and orderly flow, and the efficient and fair allocation, so as to 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 determines the orderly flow. We should give full play to the decisive role of the market in the allocation of resources, unblock the flow channels of factors, ensure that different market entities have equal access to production factors, and promote the allocation of factors in accordance with market rules, market prices and market competition, so as to maximize the benefits and optimize the efficiency. The second is to improve the system and innovate supervision. We should give better play to the role of the government, improve the operating mechanism of the factor market, improve the government's regulation and supervision, achieve the organic combination of liberalization and good management, improve the supervision and service capabilities, and guide all kinds of factors to gather together to the advanced productivity. The third is problem orientation and classified implementation. In view of the problems such as the limited allocation range of market determining factors and the obstacles of system and mechanism existing in the flow of factors, according to the different attribute of elements, the difference of marketization degree and the needs of economic and social development, we should classify and improve the system and mechanism of factor market allocation. Fourth, make progress in a steady and gradual manner. We should adhere to safety and controllability, proceed from reality, respect objective laws, cultivate and develop new elements, gradually improve the quality of elements, and steadily promote the reform of market-oriented allocation of factors according to local conditions.
2、 Promoting the market-oriented allocation of land elements
（3） We will establish and improve a unified construction land market between urban and rural areas. We should speed up the revision and improvement of the implementation regulations of the land management law, improve the relevant supporting systems, and formulate and promulgate the guiding opinions on the market entry of rural collective commercial construction land. We will comprehensively promote the reform of the rural land acquisition system and expand the scope of paid use of state-owned land. We should establish a fair and reasonable distribution system for the added value of collective business construction land. Establish relevant regulations on land acquisition for public interests.
（4） We will deepen the reform of market-oriented allocation of industrial land. We will improve the market supply system for industrial land, such as long-term leasing, first leasing and then leasing, flexible year supply, pricing and investment (equity). Under the premise of meeting the requirements of land space planning and use control, we should adjust and improve the industrial land policy, innovate the use mode, promote the reasonable conversion of different industrial land types, and explore the increase of mixed industrial land supply.
（5） We will encourage the use of construction land. We should make full use of the market mechanism to revitalize the stock of land and inefficient land, and study and improve the tax system to promote the revitalization of the stock of construction land. We should promote the active utilization of state-owned enterprises' stock in various ways. We will deepen the pilot reform of rural residential land system, further promote the consolidation of construction land, and improve the policy of linking urban and rural construction land increase and decrease, so as to provide land element guarantee for Rural Revitalization and urban-rural integrated development.
（6） We will improve the land management system. We should improve the management of land use plan, implement the annual regulation and control system of the total amount of construction land, enhance the flexibility of land management, and promote the rationalization of land planning indicators. Provincial governments should be more responsible for the use of urban and rural construction land indicators. On the premise of the completion of land spatial planning and real estate registration of rural real estate integration, a three-year rolling plan for urban and rural construction land supply should be established and improved. We will 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. We will carry out unified investigation, planning, consolidation and registration of urban and rural land. Promote the development of real estate registration law.
3、 Orderly and smooth flow of labor force elements
（7） We will deepen the reform of the household registration system. We will promote the adjustment of super large and super large cities, improve the policy of settlement of points, and explore and promote the realization of the cumulative mutual recognition of the number of years of household registration in cities such as the Yangtze River Delta and the Pearl River Delta. We will open up to the outside world and relax the restrictions on urban settlement except for a few mega cities. We will try to establish a system of permanent residence registration. We will establish a mechanism linking basic public services such as urban education, employment and entrepreneurship, medical and health care with the permanent population, and promote the allocation of public resources according to the size of the permanent population.
（8） Smooth the social flow channels of labor force and talents. We will improve a unified and standardized human resource market system, and accelerate the establishment of a coordinated labor and talent flow policy system and an exchange and cooperation mechanism. We should create a fair employment environment, correct employment discrimination such as identity and gender according to law, and ensure that urban and rural workers enjoy equal employment rights. We will further open channels for employees of enterprises and social organizations to enter party and government organs, state-owned enterprises and institutions. We will optimize the mechanism of selecting and employing state-owned enterprises and institutions to the public, and further promote the open recruitment of state-owned enterprises at different levels and categories. We will strengthen employment assistance and implement priority and key assistance. Improve personnel file management services, accelerate the improvement of personnel file information level.
（9） Improve the technical skills evaluation system. We should innovate the evaluation standards, formulate professional standards with professional ability as the core, further break the restrictions of household registration, region, identity, archives, personnel relations, etc., and smooth the channels for the application of professional titles of non-public economic organizations, social organizations, and professional and technical personnel. We will speed up the establishment of a lifelong vocational skills training system for workers. Promote the evaluation of social professional titles. We will improve the evaluation and selection system for skilled workers. To explore the connection between academic level and vocational certificate. We should strengthen the construction of the public health team and improve the training, access, use, treatment guarantee, assessment and incentive mechanism of practitioners.
（10） More efforts should be made to introduce talents. We will open channels for overseas scientists to work in China. In terms of professional qualification recognition, children's education, commercial medical insurance, stay and residence in China, it provides convenience for foreign high-level talents to come to China for innovation and entrepreneurship.
4、 Promoting the market-oriented allocation of capital elements
（11） We will improve the basic system of the stock market. To formulate and promulgate opinions on improving the basic system of the stock market. We should adhere to the direction of marketization and legalization, and reform and improve the system of issuing, trading and delisting in the stock market. Encourage and guide the cash dividends of listed companies. We should improve the investor protection system and promote the securities civil litigation system with Chinese characteristics. We will improve the market construction of the main board, the science and technology innovation board, the small and medium-sized enterprise board, the growth enterprise market and the national share transfer system for small and medium-sized enterprises (the new third board).
（12） We will 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. We should unify the information disclosure standards of corporate credit bonds and improve the mechanism for handling default of bonds. We will explore the implementation of the registration management system for the issuance of corporate credit bonds. We will strengthen the unified access management of bond market rating agencies and standardize the development of credit rating industry.
（13） Increase the supply of effective financial services. We will improve the multi-level capital market system. We should build a multi-level, wide coverage, differentiated banking system with reasonable division of labor among large, small and medium-sized enterprises, optimize the allocation of financial resources, relax market access to the financial service industry, promote the in-depth development and utilization of credit information, and increase the supply of financial services for small and micro enterprises and private enterprises. Establish the incentive and restraint mechanism of county banking financial institutions to serve "agriculture, rural areas and farmers". Promote green financial innovation. We will improve the exit mechanism of marketization and legalization of financial institutions.
（14） Actively and orderly expand the opening up of the financial industry to the outside world. We will steadily promote the internationalization of RMB and the convertibility of RMB under capital account. We will gradually promote the two-way opening up of the securities and fund industry to the outside world, and orderly promote the opening up of the futures market to the outside world. Gradually relax the access conditions for foreign financial institutions, and promote domestic financial institutions to participate in international financial market transactions.
5、 Accelerate the development of the market for technological elements
（15） We will improve the property right system of post scientific and technological achievements. We will deepen the reform of the right to use, dispose of and profit from scientific and technological achievements, and carry out pilot projects to give scientific research personnel the ownership or long-term right to use scientific and technological achievements. We will strengthen the protection of intellectual property rights and key technologies in major fields such as intellectual property rights and operation.
（16） We will improve the allocation of scientific and technological innovation resources. We should reform the mode of project approval and organization and implementation of scientific research projects, adhere to the goal guidance, strengthen the guidance of achievements, and establish and improve a diversified support mechanism. Improve the project management mechanism of professional institutions. We will 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. We should establish a market-oriented and socialized evaluation system for scientific research achievements, and revise the rules for the recognition of technical contracts and the administrative measures for the registration of scientific and technological achievements. We will establish and improve the normalized roadshow of scientific and technological achievements and the consultation system for scientific and technological innovation.
（17） We should cultivate and develop technology transfer institutions and technology managers. Strengthen the construction of national technology transfer regional center. Support technology enterprises to cooperate with universities and scientific research institutions to establish new R & D institutions such as technology R & D centers, industrial research institutes and pilot bases. Actively promote the classification reform of scientific research institutes and accelerate the marketization and enterprise development of applied technology research institutes. Support universities, scientific research institutions and science and technology enterprises to set up technology transfer departments. We should establish a national talent training system for technology transfer and improve the professional service ability of technology transfer.
（18） Promote the integration and development of technology elements and capital elements. We will actively explore ways to promote the capitalization of scientific and technological achievements through angel investment, venture capital, intellectual property securitization, and science and technology insurance. Commercial banks are encouraged to use intellectual property pledge and expected income pledge to provide more financial products and services for promoting technology transfer and transformation.
（19） Support international scientific and technological innovation cooperation. We will deepen international cooperation in basic research, organize and implement key 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 field of science and technology to the outside world. International cooperation in research and development of antiviral drugs and vaccines should be strengthened. We will carry out pilot projects to facilitate the cross-border flow of innovation elements, develop offshore innovation and entrepreneurship, and explore and promote foreign scientists to take the lead in undertaking government supported science and technology projects. Technology export should be diversified to promote the development of technology import.
6、 Accelerate the cultivation of data element market
（20） We will promote the opening and sharing of government data. We will optimize the basic database of economic governance, accelerate the promotion of data sharing and exchange among various departments in various regions, and formulate and issue a new batch of responsibility lists for data sharing. We will study and establish institutional norms to promote the opening of public data such as enterprise registration, transportation, meteorology, and the effective flow of data resources.
（21） Enhance the value of social data resources. We will foster new industries, new formats and new models of digital economy, and support the construction of standardized data development and utilization scenarios in the fields of agriculture, industry, transportation, education, security, urban management, and public resource trading. Give full play to the role of industry associations and chambers of Commerce, and promote the standardization of data collection in artificial intelligence, wearable devices, Internet of vehicles, Internet of things and other fields.
（22） Strengthen data resource integration and security protection. Explore the establishment of a unified and standardized data management system, improve the quality and standardization of data, and enrich data products. Research on improving the property right according to the nature of data. Formulate data privacy protection system and security review system. Promote and improve the data classification and classification security protection system applicable to the big data environment, and strengthen the protection of government data, enterprise business secrets and personal data.
7、 Speed up the market-oriented reform of factor prices
（23） We will improve the mechanism of determining factor prices mainly by the market. We will improve the formulation and release systems of urban and rural benchmark land prices and demarcated land prices, and gradually form a dynamic adjustment mechanism linked to market prices. We will improve the minimum wage standard adjustment, collective wage consultation and enterprise salary survey systems. We will deepen the reform of wage determination mechanism in state-owned enterprises and improve the post performance pay system in public institutions. We should establish a comparative system of salary level investigation and comparison between civil servants and their counterparts in enterprises, and implement and improve the normal wage adjustment mechanism. We will steadily integrate the benchmark interest rates of deposits and loans with market interest rates, improve the pricing efficiency of the bond market, improve the yield curve of treasury bonds that reflects the relationship between supply and demand in the market, and give better play to the pricing benchmark role of the yield curve of treasury bonds. We should 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） We will strengthen the management and supervision of factor prices. We should guide market entities to exercise their decision-making power of factor pricing in accordance with the law, and promote the transformation of government pricing mechanism from setting specific price levels to formulating pricing rules. We should build a publicity and dynamic monitoring and early warning system for factor prices, and gradually establish an investigation and information release system for factor prices. We will improve the adjustment mechanism for abnormal price fluctuations in the factor market. In the field of anti-monopoly factor prices, we should strengthen the work of anti-monopoly prices.
（25） We will improve the mechanism by which the contribution of production factors is evaluated by the market and the remuneration is determined according to the contribution. We should focus on protecting labor income, increasing labor remuneration for workers, especially front-line workers, and increasing the proportion of labor remuneration in primary distribution. We will fully implement the income distribution policy oriented by increasing the value of knowledge, fully respect scientific research, technology and management personnel, and fully reflect the value of technology, knowledge, management, data and other elements.
8、 Improve the operation mechanism of factor market
（26） We will improve the market-oriented trading platform for factors. Expand the functions of public resources trading platform. We will improve the trading platform for scientific and technological achievements, and improve the open trading and supervision system for the transformation of technological achievements. Guide the cultivation of big data trading market and carry out data trading in accordance with laws and regulations. We will support enterprises of all types of ownership to participate in the construction of factor trading platform, standardize the governance of factor trading platform, and improve the information disclosure system of factor trading.
（27） We will improve the rules and services of factor trading. To study and formulate the land and technology market transaction management system. We will establish and improve the mechanism of data property rights trading and industry self-discipline. Promote the whole process of electronic transactions. We will promote the securitization of physical assets. We will encourage the cooperation between the factor trading platform and various financial institutions and intermediaries to form a comprehensive service system covering property rights definition, price evaluation, circulation transaction, guarantee, insurance and other businesses.
（28） Improve the regulatory level of factor trading. We should break through local protection, strengthen the law enforcement of anti-monopoly and anti unfair competition, standardize trading behavior, and improve the mechanism for investigating and handling complaints, so as to prevent acts damaging national security and public interests. We will strengthen the construction of the credit system, and improve the mechanisms such as the identification of dishonesty, joint punishment for breach of credit, and credit repair. We will improve the transaction risk prevention and disposal mechanism.
（29） Enhance the ability of emergency allocation of elements. Take the emergency management and allocation of factors as an important part of the construction of national emergency management system, adapt to the needs of production allocation and emergency management of emergency materials, establish emergency allocation and procurement system for relevant production factors, and improve the efficient collaborative allocation ability of elements under emergency state. We should encourage the use of big data, artificial intelligence, cloud computing and other digital technologies to play a better role in emergency management, epidemic prevention and control, resource allocation and social management.
9、 Organizational guarantee
（30） Strengthen organizational leadership. It is necessary to make clear the responsibilities of each department of the State Council, make clear the responsibilities of each department, make sure that the responsibilities of each department are unified, make sure that the work of each department is unified, and make sure that the work of each department is unified.
（31） Create a good environment for reform. We should deepen the reform of "deregulation, regulation and service", strengthen the basic position of competition policy, break administrative monopoly and prevent market monopoly, clear up and abolish various regulations and practices that hinder the unified market and fair competition, and further reduce the direct allocation of factors by the government. We will deepen the reform of state-owned enterprises and state-owned financial institutions, improve the corporate governance structure, and ensure that all types of enterprises have equal access to elements.
（32） We will promote the steady implementation of the reform. On the premise of maintaining the unified national market, we will carry out pilot demonstration of market-oriented factor allocation reform. We should timely sum up experience, carefully study the new situation and new problems in the reform, and promptly promote the adjustment and improvement of relevant laws and regulations that do not conform to the reform of market-oriented allocation of factors.