China announces 10 pilot projects on reforms of market-based allocation of production factors

China's State Council has approved 10 projects for piloting comprehensive reforms on market-based allocation of production factors.

The initiative, which is effective immediately and will last for two years, comes amid the country's broader efforts to foster new quality productive forces, advance the building of a unified national market, and develop a high-standard socialist market economy.

A worker is busy at the workshop of a numerical control machine manufacturing company in the Langfang Economic and Technological Development Zone of Langfang City, north China's Hebei Province, Dec. 25, 2021. (Xinhua/Yang Shiyao)

The reforms are set to be carried out in major cities such as Zhengzhou, Chongqing and Chengdu as well as in designated areas of Beijing and several provinces, including Jiangsu, Zhejiang, Anhui, Fujian, Hunan, and Guangdong.

In these pilot regions, efforts will be made to remove institutional barriers hindering the free flow and efficient allocation of production factors, and to ensure that economic entities under all forms of ownership have equal access to production factors, fair participation in market competition, and equal legal protection.

(Xinhua)