China has issued a guideline on improving the market-based allocation mechanism of production factors in a bid to further facilitate the free and orderly flow of factors and stimulate market vitality.
The document underlined better protection and application of intellectual property rights (IPRs) and support for the marketization of independent IPRs in fields such as major equipment and key new materials while encouraging the integrated development of factors of technology and capital.
In the meantime, efforts will be made to nurture new industries, businesses and models of the digital economy and support the utilization of data in fields including agriculture, industry, transport, education and urban management.
Market-oriented pricing mechanisms and trading platforms of production factors should be further optimized, according to the guideline.
It also urged improving the environment for reforms by further cutting red tape and phasing out regulations and practices that hinder fair competition and ensuring equal access to factors for enterprises of various ownerships.
Source: China Daily
