A Deeper Blueprint

With the novel coronavirus pandemic casting a shadow on economic growth worldwide, the first roadmap for improving the allocation of production factors outlines measures to give the market a bigger role in deciding where resources should be allocated.

The Communist Party of China Central Committee and the State Council, the cabinet, issued a guideline on April 9 to facilitate free and orderly flow of production factors and boost market vitality.

Land, labor, technological knowledge, capital and data are the major production factors. The government will make land management more flexible, encourage the flow of labor forces, boost technology and data exchanges and improve the capital market system. It will also make pricing mechanisms more market-oriented and ensure better resource allocation