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Fair competition to aid growth of nation's unified domestic market

By ZHONG NAN and LIU ZHIHUA | CHINA DAILY | Updated: 2022-05-21 08:15

Employees of a porcelain company from Huai'an, Jiangsu province, promote products via livestreaming during an expo in Guangzhou, Guangdong province.  ZHAO QIRUI/FOR CHINA DAILY

China will reinforce the role of fair competition to support the growth of a unified domestic market to further integrate its economy globally and expand high-level opening-up, said senior government officials on Friday.

The government will move faster to foster an internationalized, market and rules-based business environment for all companies both domestically and in global markets, said Pu Chun, deputy head of the State Administration for Market Regulation.

"We will deepen the reform of the entry and exit system for market entities, continuously improve various facilitation measures for companies, and play a better role in stabilizing market expectations," he said.

To protect a massive market with 158 million market entities and 1.4 billion consumers across the country, Pu said the government will accelerate the pace of repealing various regulations and practices that impede a national unified market and fair competition, further cut unfair market competition and intervention activities, as well as effectively reinforce the stability and predictability of government supervision.

Addressing a news conference in Beijing, Vice-Minister of Commerce Sheng Qiuping said that building a unified national market is not only the basic support for smooth domestic circulation but also a prerequisite for promoting the dual-circulation development paradigm that takes the domestic market as the mainstay while domestic and foreign markets complement each other.

"Building such a market is helpful to tackle blocking points and make the circulation smooth," said the vice-minister. "It is not only conducive to the formation of an efficient domestic circulation, but also practical to maintain and enhance the country's strong attraction to global companies and resources."

"The unified domestic market is featured with a fair, transparent and competitive business environment on par with high international standards, which will boost the confidence of and add investment impetus to both domestic and foreign enterprises, and create fresh growth momentum to China's economic growth," said Zhang Jianping, head of the Center for Regional Economic Cooperation at the Chinese Academy of International Trade and Economic Cooperation.

"As a firm upholder of multilateralism and globalization, China's reform and opening-up measures not only aim at propelling the development of its own, but are also concrete actions to strengthen economic and trade cooperation with other countries, and unleash the growth potentials of all," he added.

Rajat Agarwal, president of Henkel China, a unit of German chemical and consumer goods manufacturer, said the company believes that the resilience, potential and long-term sustainability of the Chinese economy will remain unchanged.

"Looking ahead, we anticipate that China will continue its transformation toward high-quality development and drive progress to reach its dual-carbon goals," he said. "We see a strong future demand in business sectors including packaged food, home improvement, automotive and electronics."

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