significant progress has been made in the construction of China's modern market system
----------------------.
1. The rapid expansion of the total market and the obvious improvement of the commercialization rate of products indicate that China's economy has entered a relatively mature stage of commodity economy.
Since the reform and opening up, with the continuous growth of the total national economy and the rapid upgrading of the consumption structure of urban and rural residents, the domestic market scale and market demand have continued to expand. During the Tenth Five-Year Plan period, the total market volume expanded more rapidly. From 2111 to 2115, the total retail sales of consumer goods in China increased from 3.8 trillion yuan to 6.7 trillion yuan, with an average annual growth rate of 12.3%. The total sales of means of production increased from 5.8 trillion yuan in 2111 to 14.2 trillion yuan in 2115, with an average annual growth rate of 15.5%; Wholesale, retail and catering industries increased from 1.8 trillion yuan in 2111 to 1.2 trillion yuan in 2115, with an average annual growth rate of 9.8%; In 2115, the total import and export trade reached 1.42 trillion US dollars, with an average annual growth rate of 24%; In 2115, the total amount of social logistics reached 48 trillion yuan, with an average annual increase of more than 25%. In 2115, China's total market transactions and circulation reached 81 trillion yuan, which was 4.4 times the GDP achieved that year. According to expert research, China's market economy is close to 71%. The commodity rate of industrial manufactured goods is above 98%, and cars have changed from being purchased by enterprises and governments in the past to being mainly purchased by individuals. The number of private cars has reached 17 million, accounting for nearly 61% of the total, which has increased by more than 1 times in five years. The commodity rate of agricultural products has also been greatly improved, with grain and vegetable products above 31%, livestock products and aquatic products above 51% and fruits close to 91%.
second, the commodity market system has been basically established, and the market transaction carrier of tangible goods is playing an increasingly important role, which indicates that China has a good foundation for accelerating the construction of modern market system.
The commodity market system is an important foundation of modern market system. After 27 years of reform and opening up, especially with the initial establishment of the socialist market economic system, China's commodity market has grown rapidly and played an increasingly important role in the development of the national economy. A multi-level commodity market system has been basically established, including the means of production market and the means of subsistence market, tangible market and intangible market, futures market and spot market, wholesale market and retail market, urban market and rural market, domestic market and international market. The cultivation and development of the market has adapted to the changes in consumer behavior, consumption demand and consumption structure, constantly met the immediate consumption demand of the market, tapped the potential consumption demand and created brand-new consumption demand. According to statistics, at present, China's consumer goods market has reached more than 81,111, and there are 3,398 wholesale markets with an annual turnover of more than 111 million yuan, accounting for nearly 51% of the total sales. Among them, there are 1194 comprehensive markets and 1728 specialized markets. There are more than 4,111 wholesale markets for agricultural products, and more than 71% of the circulation of agricultural products depends on this channel. Modern urban circulation enterprises and circulation methods are accelerating their extension to rural areas, and 71,111 standardized rural chain stores have been built and renovated. At present, the number of domestic trade entities has reached 17 million, and the number of chain retail enterprises above designated size has grown to 1155. 51.5% of the wholesale and retail sales are realized by small enterprises and self-employed households, and private commercial enterprises account for 93% of the total business units. China has formed a commodity market pattern with multiple economic components, multiple market circulation channels and multiple modes of operation, formed a commodity circulation network system all over urban and rural areas, and formed a relatively complete commercial network infrastructure. The pace of modernization of commodity markets has obviously accelerated. Developed countries have explored the modern circulation organization forms and business formats formed in one or two hundred years, and China has developed in less than 21 years. E-commerce, chain operation and modern logistics distribution have been paid more and more attention and promoted. The single product management, the popularization of bar codes, the application of automatic sales management system (POS) and the construction of modern logistics distribution facilities have all made rapid development. 81% of large and medium-sized retail enterprises have adopted computer management to varying degrees, more than 71% of chain enterprises have established POS and MIS／ERP management systems, and more than 31% of enterprises have entered the digital management stage. Tourism, culture, fitness and other service markets have developed rapidly. In 2115, the total income of tourism reached 765 billion yuan, an increase of more than 11% over 2114, including about 21 million inbound tourists and 46.8 million overnight tourists. The number of domestic tourists is about 1.2 billion; Foreign exchange income from international tourism was $29.2 billion, and domestic tourism income was 528.6 billion yuan.
3. The accelerated development of various factors and the fact that the factor market has begun to take shape indicate that the basic role of China's market in allocating resources has been greatly strengthened.
Under the condition of market economy, the fluidity and mobility efficiency of production factors determine the efficiency and benefit of resource allocation, as well as the vitality and market performance of the economic system. Since China's reform and opening up, especially since the Tenth Five-Year Plan, the cultivation and construction of factor markets have been intensified, various production factors have entered the market, the mobility of factors has been greatly improved, and the effect of resource allocation has been significantly improved.
1, basically formed a multi-level financial market system. A multi-level capital market system, including the main board market, small and medium-sized sectors, share agency transfer system and bonds, is taking shape. The market-oriented restraint mechanism of stock issuance and listing has been strengthened, and the market product structure, listed company structure and investor structure have been continuously improved. The variety of futures trading has increased steadily, and China's right to speak in the international market has been greatly improved. The pace of reform of commercial banks has been accelerated, and the overall strength and anti-risk ability of the banking industry have been significantly enhanced. By the end of 2115, the total number of listed companies in Shenzhen and Shanghai stock markets was 1,381, with a total market value of 3,243 billion yuan. As a basic institutional reform in the capital market, the share-trading reform has made a breakthrough. As of October 11, 2116, 434 companies participated in the share-trading reform, with a total market value of 1.2 trillion yuan, accounting for 37% of the total market value of Shanghai and Shenzhen stock markets. There are more than 31,111 banking financial institutions in China, with total assets of 37 trillion yuan. Banking assets account for more than 91% of all financial institutions in China, and the ownership rights of major commercial banks are 1.1 trillion yuan. By the end of 2115, the balance of various deposits in financial institutions was 31.12 trillion yuan, an increase of 18.2% over 2114; The balance of various loans was 21.7 trillion yuan, up by 12.8%. In October 2116, 28.62 million lots of futures contracts were traded in the futures market, with a turnover of 1.13 trillion yuan. In addition to the futures products already launched, a whole set of futures product reserve system was initially established.
2. The framework of factor markets such as technology market, real estate market, information market, labor market, land market, property right market and land market has been initially established. In the past 11 years, the total transaction amount of technology market contracts in China has increased at an average annual rate of 1.5%, and more than 2,811 technology market management, contract confirmation and intermediary service institutions have been established nationwide. The transaction amount of technology contracts has increased from 2.3 billion yuan in 1985 to 133.4 billion yuan in 2114, a 57-fold increase in 21 years. The real estate market has developed rapidly since the nationwide distribution of housing in kind was stopped in 1998. In 2115, the marketization rate of urban housing reached 67%, an increase of 29 percentage points over 2111, and the proportion of individual residents buying newly-built commercial housing exceeded 95%. Since 1998, the completed area of urban housing is about 4.5 billion square meters, and the housing value accounts for more than 51% of the average property of urban households, so housing consumption has become a new consumption hotspot. The number of fixed and mobile phones in China ranks first in the world, and the number of Internet users ranks second in the world. In five years, the scale of electronic information industry has expanded by 2.3 times, the total communication business has increased by 27.6% annually, the sales business has increased by 13.4% annually, and the sales of software industry has increased by 39.9% annually. The pace of labor market reform has been further accelerated, and the urban and rural labor markets have basically formed a system. The market-oriented employment mechanism has begun to play a leading role in the allocation of labor resources in the employment and re-employment markets. The property rights market has gradually developed, the standardization of transactions has been continuously improved, and it has played a role in promoting the flow of property rights of various enterprises and enterprise restructuring. The market-oriented pricing mechanism of the land market was initially established, and the government's macro-control of the land market was strengthened and improved. More factor endowments enter the market for exchange, which makes the basic role of the market in resource allocation play a greater role.
Fourth, oversupply has become the norm in the market, and the price formation mechanism in which the supply-demand relationship determines the price has been established, which indicates that China's economy has changed from supply-constrained to demand-constrained
With the sustained and rapid economic development, by the end of last century, the supply-demand relationship in the commodity market has undergone major changes, from a "seller's market" characterized by commodity shortage to a "buyer's market" in which the supply of most commodities exceeds demand. In recent ten years, the supply of consumer goods has exceeded 71%. According to the survey and analysis of the supply and demand trend of 611 major consumer goods in the first half of 2115, there are 171 kinds of goods with basically balanced supply and demand, accounting for 28.3%. There are 431 kinds of commodities with oversupply, accounting for 71.7%; There are no commodities in short supply. Among 311 kinds of means of production, 69 kinds are in excess of demand, accounting for 23%; There are 218 species with balanced supply and demand, accounting for 72.7%; There are 13 species in short supply, accounting for only 4.3%. The marketization of commodity price formation mechanism in China has improved. The prices of most commodities and services are determined by the market. The prices of 96% consumer goods, 94% agricultural and sideline products and 88% means of production have been completely liberalized, and the prices are determined by the relationship between market supply and demand. There are only 13 kinds of commodities and services priced by the central government. The prices of goods and services such as technology, information, labor, property rights and real estate market are also regulated by the market supply and demand. In terms of exchange rate formation, since July 21, 2115, China has implemented a managed floating exchange rate system based on market supply and demand and referring to a basket of currencies, which has improved the market flexibility of exchange rate. The relationship between market supply and demand makes consumer demand become the main force driving economic growth.
the degree of market opening has been greatly improved, and the domestic market is fully integrated with the international market, marking the formation and development of an open economy.
By the end of 2115, there were 521,111 registered foreign-invested enterprises in China, and the stock of foreign direct investment had reached 622.4 billion US dollars, accounting for about 35% of GDP in 2115. China's export dependence on refrigerators is 47%, cameras are 56%, motorcycles are 63%, and clothing and footwear are as high as 71%. Iron ore, 51% alumina and 35% oil, which account for 41% of domestic demand, are supported by imports. More than 31,111 enterprises in China have carried out transnational operations, and by the end of 2115, the number of laborers abroad reached 565,111. The domestic market and the international market have formed an integrated pattern of domestic and foreign trade in which you have me and I have you. With the end of the transition period promised by China's accession to the World Trade Organization, China will further integrate into the multilateral system of world trade, and the domestic market will fully connect with the international market. At present, the average tariff in China has dropped from 15.3% four years ago to 9.9%, and all non-tariff measures for imports have been abolished. Among the more than 161 service trade sectors classified by the WTO, more than 111 have been opened as promised, accounting for 62.5%, which is close to the level of developed countries. By the end of 2115, China approved the establishment of 1514 foreign-funded commercial enterprises and 254 foreign-funded banking institutions, and allowed foreign-funded insurance companies to set up institutions in any city, and the service fields such as telecommunications, construction, law, tourism and transportation were gradually opened. More than 3,111 laws, regulations and rules were cleaned up and revised, which made China's trade rules consistent with WTO rules and international practices, improved the degree of domestic market adapting to international market rules, improved China's foreign economic and trade environment, and established the institutional framework of an open economy.
6. The reconstruction of market micro-subjects has been completed, and diversified market subjects are unprecedentedly active, which indicates that China has formed a self-growth mechanism for economic development.
China's diversified ownership structure is becoming more diversified, and the pattern of competition between foreign-funded enterprises, state-owned enterprises, individual and private enterprises and other multi-ownership market subjects is further formed, and the micro-vitality of the national economy is enhanced. The reform of corporate system has promoted the institutional innovation and mechanism transformation of state-owned enterprises. The state-owned economy has been strategically adjusted, although its proportion in GDP has decreased, but its benefits have increased. The mixed ownership economy has grown rapidly and become an important supporting force for economic development. Non-public sectors such as individual and private sectors are developing vigorously, and the proportion of industrial added value has risen from about 11% in 1991 to more than 1/3 at present. According to statistics, among the 41 industrial sectors, the proportion of non-public economy in 27 sectors has exceeded 51%, and in some industries it has exceeded 71%. Diversified ownership structure conforms to the inherent requirements of the development of productive forces in the primary stage of socialism, and has become the main body supporting the survival and development of modern markets, showing increasingly vigorous vitality.
VII. The initial establishment and continuous improvement of market-related laws and regulations system, modern social credit system and information service system indicate the overall improvement of China's modern market system.
After more than 21 years of unremitting efforts, China has initially established a system of laws and regulations and a government regulatory framework that meet the requirements of the modern market system. A series of laws and regulations, such as Anti-Unfair Competition Law, Provisions on Stopping Dumping at Low Prices, Measures for the Administration of Commodity Market Registration, Measures for the Administration of Auction Market, Rules for the Management of Chain Stores, Opinions on the Classification of Retail Formats, Emergency Plan for the Supply of Necessities in the Market, Regulations on Direct Selling and Regulations on the Administration of Pig Slaughtering, have been promulgated one after another, gradually forming the rule of law and regulations of government departments.
the construction of modern credit system has been paid attention to, and accelerating the establishment and improvement of social credit system has become the fundamental policy to rectify and standardize the market economic order. The national unified basic database of personal credit information entered into official operation in October 2116, and the number of natural people who collected credit information reached 341 million, of which about 35 million people had credit records. By the end of 2115, the balance of personal credit was 2.2 trillion yuan, accounting for 97.5% of the national personal consumption credit balance. The basic database of personal credit information has opened 52,111 inquiry user terminals in all branches of commercial banks across the country. At present, the inquiry volume of personal credit reports has reached about 111,111 every day, which has played an active role in improving the efficiency of loan review, facilitating the masses to borrow, preventing non-performing loans, preventing individuals from over-indebtedness, and determining the interest rate level according to credit risks. This is an important infrastructure in the construction of China's enterprises and individuals' credit information system.
market information service