China’s High-Standard Market SystemDevelopment and Institutional Reformin the New Era

Ren Baoping*

School of Digital Economy and Management, Nanjing University, Nanjing, China

Abstract: China has moved into a new phase of developing a high-standard marketsystem, one that features robust commodity and factor markets, as well as price and marketregulation systems. The priority in developing a high-standard market system is to create aunified national market, establish market-based factor price and allocation, and strengthena credit system for the market-based economy. In fostering a high-standard market system,it is essential to promote an efficient market, a capable government, and thriving businessesthrough institutional reforms. The government is advised to create effective incentivesthrough property right reform, advance factor price market reform, promote institutionalinnovation compatible with the high-standard market system, safeguard market security,and enhance supporting systems for the high-standard market system.

Keywords: New development stage, high-standard market system, institutional reform,

JEL Classification Code: D02, D47, P21

DOI: 10.19602/j.chinaeconomist.2023.07.02

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