Explainer: Whys and whats of China's unified domestic market

Consumers check out Huawei's latest 5G smartphone models at a store in Chongqing in April. [Photo/CHINA DAILY]

Why will China speed up establishing such a market?

In recent years, notable progress has already been made to achieve a unified market and promote fair competition. However, there is still room for improvement.

Areas to receive attention include removing market segmentation and local protectionism, optimizing the factors and resources markets, and goods and services markets, unifying supervision rules and standards, and improving technological innovations and industrial upgrades.

Accelerating the construction of a unified domestic market helps stabilize market expectations and promote healthy economic development.

Improved supply quality will stimulate market demand, and a better market environment will lead to an increase in consumption potential. Circulation space will be expanded by removing barriers, and a more transparent business environment will be created through fair and just supervision.

Instead of promoting a closed domestic cycle, the unified domestic market helps domestic and international cycles reinforce each other by making effective use of global factors and market resources and better connecting the domestic market with the international market.