The central government issued the first element market-oriented configuration file: accelerating the cultivation of the data element market

Original source: Economic Daily

"Opinions of the Central Committee of the Communist Party of China and the State Council on Constructing a More Perfect Market-Oriented Allocation System for Factors" was officially announced today. As the first document of the central government on the market-based allocation of factors, what is the meaning of the "Opinions" and in which areas will there be major breakthroughs in the future? A reporter from the Economic Daily interviewed the relevant person in charge of the National Development and Reform Commission.

Reporter: Why did the central government specifically issue documents to build a mechanism and system for factor-based market allocation?

Answer: The "Opinions on Constructing a More Perfect Market-Oriented Allocation System for Factors" issued in the name of the Central Committee of the Communist Party of China and the State Council is the overall deployment of the central government to promote the reform of market-oriented allocation of factors. The "Opinions" clarify the direction of the construction of the factor market system and key reform tasks. For the formation of a mechanism for the flow of production factors from low-quality and low-efficiency areas to high-quality and high-efficiency areas, improve the quality and allocation efficiency of factors, and guide various factors to coordinate to the advanced productivity It is of great significance to promote changes in the quality of economic development, changes in efficiency, changes in power, and speed up the improvement of the socialist market economic system.

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Perfecting the market-oriented allocation of factors is an inherent requirement for building a unified, open, and orderly market system, and is an important part of accelerating the improvement of the socialist market economic system in the new era. The introduction of the "Opinions" is an important measure to implement the 19th National Congress of the Party and the Fourth Plenary Session of the 19th Central Committee.

Improving the market-oriented allocation of factors is an objective requirement for deepening economic system reform and building a high-standard market system.

At present, more than 97% of the prices of goods and services in China are priced by the market, but the market development of factors such as land, labor, capital, technology, and data is relatively lagging, which has affected the market ’s decisive role in resource allocation and has become a high-standard market system. Highlight the short board.

The market-oriented allocation of factors is the fundamental way to solve the structural contradictions of our economy and promote high-quality development. From the perspective of eliminating invalid supply, it is necessary to accelerate the formation of a mechanism for the market to determine the allocation of factors and release mismatched resources. This requires the establishment of a correction mechanism for the initial allocation of factors to promote the rational flow of factors; from the perspective of cultivating new kinetic energy, it is necessary to establish Promote the mechanism of independent and orderly flow of factors, improve the macro allocation efficiency of factors, jointly support the development of the real economy, and form a coordinated industrial system.

Perfecting the market-oriented allocation of factors is an important guarantee for the vitality of factors to burst out and make the economy full of power. Expanding the scope of market allocation factors is to allow enterprises to become independent market players to allocate factor resources, form an effective incentive mechanism and incentive effect, give full play to the initiative, enthusiasm, and creativity of production factors, improve the quality of factors, and achieve an optimal combination. At the same time, China's economic development has reached a critical stage of innovation-driven development, and stimulating the vitality of various factors is very important for turning to innovation-driven development as soon as possible. Reporter: What are the overall considerations in the formulation of the "Opinions"?

Answer: The factor market is an important part of a unified, open, and orderly modern market system. However, due to the different attributes of different production factors in practice, the reform progress is very different. To promote the market-oriented allocation of factors, on the one hand, we must expand the factor market allocation as a whole Speed ​​up the development of the factor market; on the other hand, according to different factor attributes, differences in the degree of marketization, and the needs of economic and social development, we must give full play to the role of new production factors such as data, strategize and implement, and gradually build a more complete factor market allocation system mechanism.

The factors of production and commodities are different. For example, the factors of labor are attached to the individual of the worker. The land factors naturally have a certain degree of publicity. The construction of factor markets cannot be completely equivalent to the construction of commodity markets. In the process of promoting the market-based allocation of factors, the relationship between the government and the market must be properly handled. It is necessary to continuously expand the scope of the market to determine the allocation of factors, cultivate market trading platforms, and better play the role of the government, improve system rules, and improve government regulation and Supervise and guide all kinds of elements to coordinate to the advanced productive forces. At the same time, accelerate the transformation of government functions, further reduce the government's direct allocation of factors, deepen the reform of state-owned enterprises and state-owned financial institutions, and ensure that enterprises of all types of ownership have equal access to factors through market means such as competition.

To this end, the opinions put forward the overall requirements for promoting the construction of the factor market system. Starting from the commonality of all factors, the direction and principles are clearly defined for the overall deepening of the market-oriented configuration reform of factors: First, the market decides and flows in an orderly manner. The second is to improve the system and innovate supervision. The third is problem-oriented and classified. The fourth is to make progress steadily and gradually. Reporter: Why is the data included in the scope of production factors?

A: The form of the factors of production changes constantly with the characteristics of the times of economic development. Land and labor were important factors of production in the agricultural era. After that, capital became an important factor of production in the industrial era, and it also spawned more factors of production such as technology, management, and entrepreneurial talent. With the development of the information economy, the information resources represented by big data are evolving towards the form of production factors.

In 2014, General Secretary Xi Jinping chaired the first meeting of the Central Cybersecurity and Informationization Leading Group, stating, "Network information flows across borders, information flow leads the flow of technology, capital, and talent, and information resources are increasingly becoming an important production. Factors and social wealth, the amount of information available has become an important symbol of national soft power and competitiveness. " In 2017, General Secretary Xi Jinping once again emphasized that “in the era of the Internet economy, data is a new production factor, a basic resource and a strategic resource, and also an important productivity.” “We must build a digital economy with data as a key element.” Data has been integrated into the process of economic value creation along with other factors, and has a broad impact on the development of productivity.

The improvement of the attributes of data production factors is related to the long-term economic growth momentum and the future of our country's development. All countries in the world regard the promotion of economic digitization as an important driving force for innovation and development, and have made forward-looking layouts in frontier technology research and development, open data sharing, privacy security protection, and personnel training. We must also promote the integrated development of the real economy and the digital economy, and accelerate the development of the manufacturing industry towards digitalization, networking, and intelligence. At the same time, we must use big data to improve the level of national governance modernization, promote e-government, build smart cities, and build national information resources. Sharing system. Use big data platforms to analyze risk factors and improve perception, prediction, and prevention capabilities.

Based on this, the "Opinions" absorb the views of all parties and clearly write data as a new type of production factor in the policy document according to the importance and epoch of production factors, in order to give full play to the multiplication of the efficiency of this new type of data to other factors Function, nurture and develop the market of data elements, and make big data a new kinetic energy to promote high-quality economic development. Reporter: What are the breakthroughs and highlights of opinions for different element areas?

Answer: The "Opinions" categorizes the direction of reform in the five key areas of land, labor, capital, technology, and data, and specifies specific measures to improve the market-based allocation of factors.

In terms of land elements, we will focus on enhancing the flexibility of land management. First, the flexible industrial land use method, improve the industrial land market supply system such as long-term lease, first lease, concession, flexible annual supply, and price contribution (shareholding), improve the industrial land policy, and promote the exploration of different industries to increase the supply of mixed industrial land. The second is the management of flexible land plan indicators. The use of urban and rural construction land supply indicators should be borne by the provincial government, which explores the establishment of a national cross-regional transaction mechanism for construction land and supplementary cultivated land indicators.

As for the labor force component, efforts are made to guide the rational and smooth flow of labor force components. One is to unblock the settlement channels. Explore and promote the first mutual recognition of urbanization accreditation in the Yangtze River Delta, Pearl River Delta and other urban agglomerations. The restrictions on city settlement except for some mega-cities should be liberalized, and the system of registering household registration with the place of frequent residence should be tried out. The second is to unblock the channel for title evaluation. Improve the job title evaluation system, develop professional standards with professional competence as the core, unblock the channels for the declaration of professional titles of non-public economic organizations, social organizations, and freelance professional and technical personnel, and promote the evaluation of socialized professional titles.

In the capital element part, efforts are made to improve the multi-level capital market system. One is to improve the basic system of the stock market, and formulate opinions on improving the basic system of the stock market. The second is to improve the construction of unified standards for the bond market, unify the information disclosure standards for corporate credit bonds, and implement an issuance registration management system for corporate credit bonds.

As for the technical elements, we will focus on stimulating the vitality of technology supply and promoting the transformation of scientific and technological achievements. One is to activate property rights incentives, deepen the reform of the right to use, dispose of and benefit from scientific and technological achievements, carry out pilot projects that endow scientific and technological personnel with title or long-term right to use scientific and technological achievements, and advance the “three rights” reform of occupational achievements and the pilot reform of ownership. The second is to activate the vitality of intermediary services, train a group of technology transfer institutions and technology managers, actively promote the classification reform of scientific research institutes, and accelerate the marketization and enterprise development of applied technology scientific research institutes. Establish a national technology transfer personnel training system.

In the data element part, we will focus on accelerating the cultivation of the data element market. By formulating a new batch of data sharing responsibility lists, exploring the establishment of unified data standards and specifications, and supporting the construction of multi-domain data development and utilization scenarios, the value of data elements is comprehensively enhanced. Reporter: In the process of promoting the market-oriented allocation reform of factors, how can we better play the role of the government?

Answer: From the perspective of giving better play to the role of the government, the "Opinions" proposes to greatly reduce the direct allocation of factors by the government and promote the market-oriented reform of the allocation of land, labor, capital, technology and data elements. In addition, it also proposes to improve The factor price formation mechanism and market operation mechanism clarify the government's adjustment and supervision of factor prices and market operation.

First, accelerate the reform of marketization of factor prices. The improvement mainly depends on the market to determine the factor price mechanism, and the measures to improve the price mechanism for factors such as land, labor, and capital are proposed by category. Promote the transition of the government pricing mechanism from setting specific price levels to setting pricing rules, and strengthen factor price management and supervision. Build a factor price publicity and dynamic monitoring and early warning system, and gradually establish a factor price investigation and information release system.

The second is to improve the operating mechanism of the factor market. Improve the factor market-based trading platform and consolidate the factor market trading infrastructure. Improve factor trading rules and services, and guide the formation of competitive market trading rules and service systems. Improve the level of factor transaction supervision, standardize transaction behavior, strengthen the construction of a credit system, and improve transaction risk prevention and disposal mechanisms.

The third is to improve the factor income distribution mechanism. Improve the mechanism by which the factors of production are contributed by market evaluation and determine the remuneration based on contributions, recognize the principle of material benefits and a reasonable income distribution gap, strengthen the income distribution policy oriented to increase the value of knowledge, fully respect scientific research, technology and management personnel, and greatly mobilize All areas are polar.

In addition, from the perspective of opening up, the opinions put forward to further promote the opening of talents, capital and technological elements, enhance the global resource allocation capability, and propose the "smooth channel for overseas scientists to work in China", "actively and orderly expand the opening of the financial industry to explore new models of international technological innovation cooperation "Initiating pilot projects for cross-border and convenient flow of innovation elements, developing offshore innovation and entrepreneurship, and exploring the promotion of foreign scientists to take the lead in undertaking government-supported science and technology projects" and other initiatives. Reporter: How to promote the implementation of the "Opinions" and see actual results?

A: In order to translate a series of measures put forward in the "Opinions" into real policy implementation, the National Development and Reform Commission will work with the relevant parties to do the following five aspects:

One is to establish a working mechanism. The Development and Reform Commission will take the lead in establishing a working mechanism to promote the construction of the factor market system, clarify the division of responsibilities, formulate a division of labor plan, implement work responsibilities, and ensure that the key tasks identified in the "Opinions" are implemented.

The second is to grasp the main points of work. The reform of market-based allocation of factors is a long-term task, and it is necessary to further highlight the problem-oriented and promote the market-based allocation of factors in stages, regions and steps. This year, the Development and Reform Commission will work with the Ministry of Science and Technology, the Ministry of Human Resources and Social Security, the Ministry of Natural Resources, the People's Bank and other leading departments to sort out and refine recent operational reforms that can be implemented and promote the implementation of various reform measures as soon as possible.

The third is to deepen basic reforms. Accelerate the transformation of government functions, break administrative monopolies, and greatly reduce the scope of direct government allocation of factors. Deepen the reform of state-owned enterprises and state-owned financial institutions, improve the corporate governance structure of state-owned enterprises and state-owned financial institutions, and ensure that enterprises of all types of ownership have equal access to elements through market means such as competition.

The fourth is to focus on the pilot first. Under the premise of maintaining a unified national market, adapt to the objective law of the gradual evolution of the factor marketization development degree, carry out pilot demonstrations of the factor market configuration reform, and better incentivize localities to conduct pioneering and differentiated explorations in order to improve the factor market configuration Provide institutional innovation experience.

The fifth is continuous tracking guidance. Strengthen the follow-up analysis and coordination guidance on the implementation of the "Opinions", study new situations, summarize new experience, solve new problems, and report major issues to the Party Central Committee and the State Council in a timely manner. The following is the full text of the opinion:

State Council of the CPC Central Committee

Opinions on the construction of a more complete factor-based market allocation system mechanism

(March 30, 2020)

Improving the market-oriented allocation of factors is an inherent requirement for building a unified, open, and orderly market system, and is an important part of upholding and improving the basic socialist economic system and accelerating the improvement of the socialist market economic system. In order to deepen the reform of factor-based market allocation, promote the independent and orderly flow of factors, improve the efficiency of factor allocation, further stimulate the creativity and market vitality of the whole society, and promote the quality reform, efficiency reform, and power reform of economic development, we are now building a more complete factor market The following are the opinions of the system of institutionalized allocation.

1. General requirements

(1) Guiding ideology. Guided by Xi Jinping's socialist ideology with Chinese characteristics in the new era, fully implement the spirit of the 19th National Congress of the CPC and the Second, Third, and Fourth Plenary Sessions of the 19th CPC Central Committee, adhere to the general tone of progress in stability, and adhere to the supply-side structural reform Main line, adhere to the new development concept, adhere to deepen market-oriented reforms, expand high-level opening, break the institutional barriers that hinder the free flow of factors, expand the scope of factor market allocation, improve the factor market system, promote the construction of the factor market system, and realize the factor price market Decision, independent and orderly flow, efficient and fair allocation, lay a solid institutional foundation for building a high-standard market system, promoting high-quality development, and building a modern economic system.

(2) Basic principles. First, the market decided to orderly flow. Give full play to the decisive role of market allocation of resources, unblock the flow of factors, ensure equal access to production factors for different market players, and promote the allocation of factors to maximize efficiency and optimize efficiency based on market rules, market prices, and market competition. The second is to improve the system and innovate supervision. Give better play to the role of the government, improve the operating mechanism of the factor market, improve government regulation and supervision, achieve an organic combination of mobilization and management, improve supervision and service capabilities, and guide all kinds of factors to gather together in advanced productivity. The third is problem-oriented and classified. Aiming at the problems such as the limited scope of market-determining factor allocation and the existence of institutional mechanisms and obstacles to factor flow, according to different factor attributes, differences in the degree of marketization and the needs of economic and social development, we need to classify and improve the market-based allocation mechanism of factors. The fourth is to make progress steadily and gradually. Adhere to safety and controllability, proceed from reality, respect objective laws, cultivate and develop new forms of factors, gradually improve the quality of factors, and steadily promote the reform of market-based allocation of factors according to local conditions.

Second, promote the market allocation of land elements

(3) Establish and improve a unified urban and rural construction land market. Accelerate the revision and improvement of the implementation regulations of the Land Management Law, improve the relevant supporting systems, and formulate and issue guidance on entering the market for rural collective operating construction land. Comprehensively push forward the reform of the rural land acquisition system and expand the scope of paid use of state-owned land. Establish a fair and reasonable system for distributing value-added gains into the market for collective operating construction land. Establish relevant system regulations for public interest land acquisition.

(4) Deepen the reform of market-based allocation of industrial land. Improve the industrial land market supply system such as long-term leasing, lease-before-leasing, flexible tenure supply, and price contribution (shareholding). Under the premise of meeting the requirements of national spatial planning and use control, adjust and improve the industrial land policy, innovate the use method, promote the rational conversion of different industrial land types, and explore to increase the supply of mixed industrial land.

(5) Encourage the revitalization of the stock land for construction. Make full use of the market mechanism to revitalize the stock land and low-efficiency land, and study and improve the tax and fee system that promotes the revitalization of the stock construction land. Promote the active use of the stock of state-owned enterprises in various ways. Deepen the reform of the rural homestead system, deepen the construction land consolidation, improve the urban-rural construction land increase and decrease linkage policy, and provide land element guarantee for rural revitalization and urban-rural integration.

(6) Improve the land management system. Improve the management of land use plans, implement an annual control system for the total amount of construction land, increase the flexibility of land management, and promote the rationalization of land planning indicators. The use of urban and rural construction land indicators should be more responsible by provincial governments. On the premise of the preparation of national land spatial planning and the registration of rural real estate integrated real estate, a three-year rolling plan for the supply of urban and rural construction land will be established and improved. Explore the establishment of a nationwide cross-regional transaction mechanism for construction land and supplementary cultivated land indicators. Strengthen the statistical monitoring of land supply and utilization. Implement unified investigation, unified planning, unified rectification and unified registration of urban and rural land. Promote the development of a real estate registration law.

3. Guide the rational and smooth flow of labor elements

(7) Deepen the reform of the household registration system. Promote the adjustment and improvement of the points settlement policy for mega- and mega-cities, and explore and promote the first mutual recognition of the same urbanization in the urban clusters in the Yangtze River Delta and the Pearl River Delta. The restrictions on city settlement except for some mega-cities should be liberalized, and the system of registering household registration with the place of frequent residence should be tried out. Establish a mechanism for linking basic public services such as urban education, employment and entrepreneurship, medical and health services to the permanent population, and promote the allocation of public resources according to the size of the permanent population.

(8) Unblock the social mobility channels for labor and talents. Improve the unified and standardized human resources market system, and accelerate the establishment of a coordinated and coordinated labor and talent flow policy system and exchange and cooperation mechanism. Create a fair employment environment, correct employment discrimination based on identity and gender, and ensure that urban and rural workers enjoy equal employment rights. The channels for enterprises and social organizations to enter the party and government organs, state-owned enterprises and institutions shall be further unblocked. The state-owned enterprises and institutions should be optimized for the selection and employment mechanism of the society, and the open recruitment of state-owned enterprises in different levels should be promoted. Strengthen employment assistance, implement priority support and key assistance. Improve personnel file management services and accelerate the improvement of the information level of personnel files.

(9) Improve the technical skill evaluation system. Innovate evaluation standards, develop professional standards with professional competence as the core, further break down restrictions on household registration, region, identity, archives, personnel relations, etc., and unblock channels for reporting titles of non-public economic organizations, social organizations, and freelance professional technical personnel. Accelerate the establishment of a lifelong vocational skills training system for laborers. Promote the evaluation of socialized job titles. Improve the evaluation and selection system for skilled workers. Explore the realization and interlinkage of vocational skill level certificates and academic certificates. Strengthen the construction of the public health team, and improve the training, access, use, treatment guarantee, assessment, evaluation and incentive mechanism of practitioners.

(10) Strengthen the introduction of talents. Smooth access for overseas scientists to work in China. In terms of recognition of professional qualifications, education of children, commercial medical insurance, and stay and residence in China, it provides convenience for foreign high-level talents to come to China for innovation and entrepreneurship.

4. Promote the market-based allocation of capital elements

(11) Improve the basic system of the stock market. To formulate opinions on improving the basic system of the stock market. Adhere to the direction of marketization and rule of law reform, reform and improve the stock market issuance, trading, delisting and other systems. Encourage and guide cash dividends of listed companies. Improve the investor protection system and promote the perfection of the securities civil litigation system with Chinese characteristics. Improve the market construction of the main board, the science and technology board, the small and medium-sized enterprise board, the venture board and the national small and medium-sized enterprise share transfer system (new third board).

(12) Accelerate the development of the bond market. We will steadily expand the scale of the bond market, enrich the variety of the bond market, and promote the interconnection of the bond market. Unify corporate credit bond information disclosure standards and improve the bond default settlement mechanism. Explore the implementation of the issuance registration management system for corporate credit bonds. Strengthen the unified access management of bond market rating agencies and regulate the development of the credit rating industry.

(13) Increase effective financial service supply. Improve the multi-level capital market system. Build a multi-level, wide coverage, differentiated, reasonable division of labor among large, medium and small banking institutions, optimize the allocation of financial resources, relax market access for the financial services industry, promote the in-depth development and utilization of credit information, and increase financial services for small and micro enterprises and private enterprises supply. Establish an incentive and restraint mechanism for county-level banking financial institutions to serve the “three rural issues”. Promote green financial innovation. Improve the market-oriented and legalized exit mechanism of financial institutions.

(14) Actively and orderly expand the opening of the financial industry to the outside world. Steadily promote RMB internationalization and RMB capital account convertibility. Gradually promote the two-way opening of the securities and fund industries to the outside world, and orderly promote the opening of the futures market to the outside world. Gradually relax the access conditions for foreign-funded financial institutions, and promote domestic financial institutions to participate in international financial market transactions.

V. Accelerate the development of technology factor market

(15) Improve the property rights system for job-related scientific and technological achievements. Deepen the reform of the right to use scientific and technological achievements, the right to dispose of and the right to income, and carry out pilot projects that endow scientific and technological personnel with title or long-term right to use scientific and technological achievements. Strengthen the protection and application of intellectual property rights, and support the independent intellectual property rights market-oriented operations in major technical equipment and key new materials.

(16) Improve the allocation of scientific and technological innovation resources. Reform scientific research project establishment and organization and implementation methods, adhere to goal guidance, strengthen achievement orientation, and establish and improve a diversified support mechanism. Improve the project management mechanism of professional institutions. Strengthen the construction of pilot bases for the transformation of scientific and technological achievements. Support qualified enterprises to undertake major national science and technology projects. Establish a market-oriented and socialized scientific research achievement evaluation system, revise the technical contract recognition rules and scientific and technological achievement registration management methods. Establish and improve the normalization of scientific and technological achievements roadshows and scientific and technological innovation consulting system.

(17) Cultivate and develop technology transfer institutions and technology managers. Strengthen the construction of national technology transfer regional centers. Support technology companies to collaborate with universities and scientific research institutions to establish new R & D institutions such as technology R & D centers, industrial research institutes, and pilot sites. Actively promote the classification reform of scientific research institutes and accelerate the market-oriented and enterprise development of applied technology scientific research institutes. Support universities, scientific research institutions and technology enterprises to set up technology transfer departments. Establish a national technology transfer personnel training system to improve the professional service capability of technology transfer.

(18) Promote the integration and development of technological elements and capital elements. Actively explore ways to promote the capitalization of scientific and technological achievements through angel investment, venture capital, intellectual property securitization, and technology insurance. Commercial banks are encouraged to adopt financing methods such as intellectual property pledges and expected income pledges to provide more financial product services to promote technology transfer and transformation.

(19) Support international scientific and technological innovation cooperation. Deepen international cooperation in basic research, organize the implementation of key special projects for international cooperation in scientific and technological innovation, explore new models of international cooperation in scientific and technological innovation, and expand the opening up of the scientific and technological field to the outside world. Increase international cooperation in the research and development of antiviral drugs and vaccines. Carry out pilot projects for cross-border and convenient flow of innovation elements, develop offshore innovation and entrepreneurship, and explore the promotion of foreign scientists to lead government-supported science and technology projects. Develop technology trade, promote the diversification of technology import sources, and expand technology exports.

6. Accelerate the cultivation of the data element market

(20) Promote the open sharing of government data. Optimize the basic database of economic governance, speed up the promotion of data sharing and exchange between departments in various regions, and formulate a new batch of data sharing responsibility lists. Study and establish institutional norms that promote the opening of public data such as enterprise registration, transportation, and meteorology, and the effective flow of data resources.

(21) Improve the value of social data resources. Cultivate new industries, new formats, and new models for the digital economy, and support the establishment of standardized data development and utilization scenarios in agriculture, industry, transportation, education, security, urban management, and public resource transactions. Give play to the role of industry associations and chambers of commerce, and promote the standardization of data collection in areas such as artificial intelligence, wearable devices, Internet of Vehicles, and Internet of Things.

(22) Strengthen data resource integration and security protection. Explore the establishment of a unified and standardized data management system, improve data quality and standardization, and enrich data products. The study perfected the property right according to the nature of the data. Formulate data privacy protection system and security review system. Promote the improvement of the data classification and classification security protection system applicable to the big data environment, and strengthen the protection of government data, business secrets and personal data.

7. Accelerate the reform of marketization of factor prices

(23) Improve the price mechanism in which factors are mainly determined by the market. Improve the formulation and release system of urban and rural benchmark land prices and calibrated land prices, and gradually form a dynamic adjustment mechanism linked to market prices. Improve the minimum wage standard adjustment, collective wage consultation and corporate salary survey system. Deepen the reform of the state-owned enterprise wage decision mechanism, and improve the performance wage system of public institutions. Establish a system to investigate and compare the wage levels of civil servants and equivalent employees of enterprises, and implement and improve the normal wage adjustment mechanism. We will steadily advance the benchmark interest rate of deposits and loans in line with market interest rates, improve the pricing efficiency of the bond market, improve the Treasury yield curve that reflects market supply and demand, and better play the benchmark role of the Treasury yield curve. Enhance the flexibility of the RMB exchange rate and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.

(24) Strengthen factor price management and supervision. To guide market players to exercise their autonomy in factor pricing in a reasonable manner, and to promote the change of government pricing mechanisms from setting specific price levels to setting pricing rules. Build a factor price publicity and dynamic monitoring and early warning system, and gradually establish a factor price investigation and information release system. Improve the regulation mechanism for abnormal fluctuations in factor market prices. Strengthen the price anti-monopoly work in the field of factors, and maintain the price order in the factor market.

(25) Improve the mechanism by which the factors of production are contributed by market evaluation and the remuneration is determined according to the contribution. Focus on protecting labor income, increase labor remuneration of workers, especially front-line workers, and increase the proportion of labor remuneration in the initial distribution. Fully implement the income distribution policy that is oriented to increase the value of knowledge, fully respect scientific research, technology, and management personnel, and fully reflect the value of technology, knowledge, management, data and other factors.

8. Improve the operating mechanism of the factor market

(26) Improve the factor market-based trading platform. Expand the function of public resource trading platform. Improve the trading platform for scientific and technological achievements, and improve the public trading and supervision system for the conversion of technological achievements. Guide the cultivation of the big data trading market and carry out data trading in accordance with laws and regulations. Support enterprises of all types of ownership to participate in the construction of factor trading platforms, standardize the governance of factor trading platforms, and improve the disclosure system for factor trading information.

(27) Improve the rules and services of factor transactions. Study and formulate land and technology market transaction management systems. Establish and improve data property rights transactions and industry self-discipline mechanisms. Promote full-process electronic transactions. Promote the securitization of physical assets. Encourage factor trading platforms to cooperate with various financial institutions and intermediaries to form a comprehensive service system covering property definition, price evaluation, transfer transactions, guarantees, and insurance.

(28) Improve the level of factor transaction supervision. Break local protection, strengthen anti-monopoly and anti-unfair competition law enforcement, standardize transactions, improve complaint reporting and investigation mechanisms, and prevent acts that harm national security and public interests. Strengthen the construction of the credit system, and improve the mechanisms for identification of untrustworthy behavior, joint disciplinary measures for dishonesty, and credit repair. Improve the transaction risk prevention and disposal mechanism.

(29) Enhance the emergency allocation capability of elements. Take the emergency management and configuration of elements as an important content of the construction of the national emergency management system, meet the needs of emergency material production deployment and emergency management, establish emergency allocation and procurement systems for related production factors, and improve the efficient and coordinated allocation of elements in emergency . Encourage the use of digital technologies such as big data, artificial intelligence, and cloud computing to play a better role in emergency management, epidemic prevention and control, resource allocation, and social management.

9. Organizational Security

(30) Strengthen organizational leadership. All regions and departments must fully understand the importance of perfecting the market-oriented allocation of factors, effectively integrate their thinking and actions into the decision-making and deployment of the Party Central Committee and the State Council, clarify the division of responsibilities, improve the working mechanism, implement work responsibilities, study and formulate supporting policies and measures Ensure that the key tasks identified in this opinion are implemented.

(31) Create a good reform environment. Deepen the reform of “deregulation and service”, strengthen the basic position of competition policy, break administrative monopoly, prevent market monopoly, clean up and abolish various regulations and practices that hinder unified market and fair competition, and further reduce the government ’s direct allocation of factors. Deepen the reform of state-owned enterprises and state-owned financial institutions, improve the corporate governance structure, and ensure that all types of ownership enterprises have equal access to elements.

(32) Promote the steady implementation of reforms. On the premise of maintaining a unified national market, we will carry out pilot demonstrations of market-oriented allocation reform of factors. Summarize experience in time, carefully study new situations and new problems that have emerged during the reform, and promptly promote adjustment and improvement in accordance with the procedures for relevant laws and regulations that do not conform to the reform of market-based allocation of factors.

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