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China’s third plenum
EconomyChina Economy

China seeks ‘unified market’ to surmount regional barriers, boost consumption

  • A ‘unified market’ with consistent rules across China’s regions has been named as essential in easing the flow of goods and giving consumption a lift

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China’s Communist Party wraps up policy meeting amid growing uncertainties

China’s Communist Party wraps up policy meeting amid growing uncertainties
Ji Siqiin BeijingandLuna Sunin Beijing

Beijing has made a “unified national market” crucial to its goal of “building a high-standard market economy” by 2035, counting on it to maximise the potential of the country’s production capacity, boost domestic demand and counter external challenges that appear to be multiplying.

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Following the third plenum, a major economic conclave that concluded on Thursday, China has resolved to build a unified market for its factors of production – resources like land and labour used to generate goods and service value – according to Han Wenxiu, executive deputy director of the general office of the Central Financial and Economic Affairs Commission.

“China’s economy is a big economy, with huge domestic demand potential and internal circulation,” said Han at a Friday press conference, elaborating on conclusions drawn after the plenum’s end the day before.

The twice-a-decade gathering – officially the third plenum of the Communist Party’s 20th Central Committee – has typically set the tone for economic policy over the next five years and beyond.

“As long as we run our affairs well, we can ensure smooth circulation and stable and long-term development of the national economy,” Han said.

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