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■ Scholar Forum ■ Chen Wenling

Since the reform and opening up, especially during the Tenth Five-Year Plan period, China's modern market system has made remarkable progress, and many iconic trends and characteristics have emerged.

First, 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 sustained growth of the national economy and the rapid upgrading of the consumption structure of urban and rural residents, the domestic market scale and market demand have been expanding. During the Tenth Five-Year Plan period, the total market volume grew faster. From 200/kloc-0 to 2005, 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 200 1 year to 14.2 trillion yuan in 2005, with an average annual growth rate of15.5%; Wholesale, retail and catering industries increased from 0.8 trillion yuan of 200/kloc-0 to 0.2 trillion yuan of 2005, with an average annual growth rate of 9.8%; In 2005, the total import and export trade reached $65,438 +0.42 trillion, with an average annual growth rate of 24%; In 2005, the total amount of social logistics reached 48 trillion yuan, with an average annual growth rate of more than 25%. In 2005, the total market transaction and circulation in China reached 80 trillion yuan, which was 4.4 times the GDP achieved that year. According to expert research, China's market economy is close to 70%. The commodity rate of manufactured goods is above 98%, and cars have changed from being bought by enterprises and governments to being bought mainly by individuals. The number of private cars has reached 1 70,000, accounting for nearly 60% of the total, with an increase of more than1times in five years. The commodity rate of agricultural products has also been greatly improved, with grain and vegetable products above 30%, livestock products and aquatic products above 50% and fruits close to 90%.

Second, the commodity market system has been basically completed, and the market transaction carrier of tangible goods is playing an increasingly important role, which shows that China has a good foundation for accelerating the construction of modern market system.

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 developed 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 production and living materials markets, tangible and intangible markets, futures and spot markets, wholesale and retail markets, urban and rural markets, domestic markets and international markets. The cultivation and development of the market adapts to the changes of consumer behavior, consumption demand and consumption structure, constantly meets the immediate consumption demand of the market, taps the potential consumption demand and creates brand-new consumption demand. According to statistics, at present, China's consumer goods market has reached more than 80,000, and there are 3,398 wholesale markets with an annual turnover of 1 100 million yuan, accounting for nearly 50% of the total sales. The comprehensive market 1 194 and the specialized market 1728. There are more than 4,000 wholesale markets for agricultural products, and more than 70% of the circulation of agricultural products depends on this channel. Modern urban circulation enterprises and circulation methods are accelerating to extend to rural areas, and 70,000 standardized rural chain stores have been built and transformed. At present, there are170,000 domestic trade entities, and the number of chain retail enterprises above designated size has grown to 1055. 5 1.5% of wholesale and retail is realized by small enterprises and self-employed, and private commercial enterprises account for 93% of all 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 the commodity market has obviously accelerated. Developed countries explored the modern circulation organization forms and commercial formats formed in a century or two, while China developed in less than 20 years. E-commerce, chain operation and modern logistics distribution have been paid more and more attention and promoted. The simplification of product management, the popularization of bar code, the application of automatic sales management system (POS) and the construction of modern logistics distribution facilities have all made rapid development. 80% of large and medium-sized retail enterprises have adopted computer management to varying degrees, more than 70% of chain enterprises have established POS and MIS/ERP management systems, and more than 30% of enterprises have entered the stage of digital management. Tourism, culture, fitness and other service markets have developed rapidly. In 2005, the total tourism revenue reached 765 billion yuan, which was more than 10% higher than that in 2004. Among them, the number of inbound tourists was about1200 million, and the number of inbound overnight tourists was about 46.8 million. The number of domestic tourists is about 65.438+0.2 billion; Foreign exchange income from international tourism was $29.2 billion, and domestic tourism income was 528.6 billion yuan.

Three, the accelerated development of various factors, the factor market has begun to take shape, which indicates that the basic role of China's market in allocating resources has been greatly strengthened.

Under the condition of market economy, the mobility and mobility efficiency of production factors determine the efficiency and benefit of resource allocation, and also determine the vitality and market performance of the economic system. Since the reform and opening up, especially since the Tenth Five-Year Plan, China has intensified the cultivation and construction of factor markets, and various factors of production have entered the market, which has greatly improved the mobility of factors and significantly improved the effect of resource allocation.

1, basically forming 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 steadily increased, and China's voice in the international market has 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 2005, the total number of listed companies in Shenzhen and Shanghai was 138 1, and the total market value of stock circulation was 3,243 billion yuan. As a basic institutional reform in the capital market, the reform of non-tradable shares has made a breakthrough. By the end of June, 2006, 65438+1October, 65438+1October, 434 companies participated in the share reform, with a total market value of1200.9 billion yuan, accounting for 37% of the total market value of Shanghai and Shenzhen stock markets. There are more than 30,000 banking financial institutions in China with total assets of 37 trillion yuan. Banking assets account for more than 90% of all financial institutions in China, and the ownership of major commercial banks is 1. 1 trillion yuan. By the end of 2005, the balance of various deposits in financial institutions was 31200 million yuan, an increase of18.2% over 2004; The balance of various loans was 20.7 trillion yuan, up by 12.8%. In the futures market in June 2006, 28.62 million contracts were sold, with a turnover of 1. 1.3 trillion yuan. In addition to the futures products that have been launched, a set of futures product reserve system has been initially established.

2. The market system framework of technology market, real estate market, information market, labor market, land market, property right market and land market has been initially established. /kloc-since 0/0, the total number of contracts in China's technology market has increased at an average annual rate of 15%, and more than 2,800 technology market management, contract confirmation and intermediary service institutions have been established nationwide. The transaction volume of technology contracts increased from 2.3 billion yuan in 19.85 to1340 million yuan in 2004, an increase of 57 times in 20 years. The real estate market has developed rapidly since the physical distribution of housing was stopped nationwide from 65438 to 0998. In 2005, the marketization rate of urban housing reached 67%, 29 percentage points higher than that in 2000, and the proportion of individual residents buying new 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 50% of the average property of urban families, so housing consumption has become a new consumption hotspot. China has the largest number of fixed and mobile phones and the second largest number of Internet users. In the past 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 began to play a leading role in the allocation of labor resources in the employment and re-employment market. The gradual development of the property rights market and the continuous improvement of the standardization of transactions have promoted the flow of property rights and enterprise restructuring of various enterprises. 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, supply exceeding demand has become the normal state of the market, and the price formation mechanism in which the relationship between supply and demand determines the price has been established, marking the transformation of China's economy from supply-constrained to demand-constrained.

With the sustained and rapid economic development, by the end of last century, the relationship between supply and demand in the commodity market had changed greatly, from a "seller's market" characterized by commodity shortage to a "buyer's market" in which the supply of most commodities exceeded demand. In the last decade, the supply of consumer goods has exceeded 70%. According to the investigation and analysis of the supply and demand trend of 600 major consumer goods in the first half of 2005, there are 170 kinds of goods with basically balanced supply and demand, accounting for 28.3%. There are 430 kinds of commodities whose supply exceeds demand, accounting for 71.7%; There is no shortage of goods. Of the 300 kinds of means of production, 69 kinds are in excess of demand, accounting for 23%; There are 2 18 species with balanced supply and demand, accounting for 72.7%; There are 13 species that are in short supply, accounting for only 4.3%. The marketization degree of commodity price formation mechanism in China has improved. The prices of most goods 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. The price of goods and services set by the central government is only 13. The prices of goods and services such as technology, information, labor, property rights and real estate market are also regulated by market supply and demand. In terms of exchange rate formation, since July 2, 2005, China has implemented a managed floating exchange rate system based on market supply and demand with reference to a basket of currencies, which has improved the market flexibility of the exchange rate. The relationship between market supply and demand makes consumer demand become the main force driving economic growth.

Fifth, the degree of market opening has been greatly improved, and the domestic market has been fully integrated with the international market, marking the formation and development of an open economy.

By the end of 2005, there were 520,000 foreign-invested enterprises registered in China, and the stock of foreign direct investment reached US$ 622.4 billion, accounting for about 35% of the GDP in 2005. China's export dependence on refrigerators is 47%, cameras are 56%, motorcycles are 63%, and clothing, shoes and hats are as high as 7 1%. Iron ore, 50% alumina and 35% oil, which account for 40% of domestic demand, are supported by imports. More than 30,000 enterprises in China have carried out transnational operations, and by the end of 2005, 565,000 laborers had been sent abroad. 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 to join the World Trade Organization, China will be further integrated into the multilateral system of world trade, and its domestic market will be fully integrated with the international market. At present, China's average tariff has dropped from 15.3% four years ago to 9.9%, and all import non-tariff measures have been cancelled. Among the 160 service trade sectors classified by the WTO, more than 100 have been opened as promised, accounting for 62.5%, which is close to the level of developed countries. By the end of 2005, China has approved the establishment of four foreign-funded commercial enterprises 15 14 and 254 foreign-funded banking institutions, allowing foreign-funded insurance companies to set up institutions in any city, and gradually opening up the service fields such as telecommunications, construction, law, tourism and transportation. More than 3,000 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 adaptation to international market rules, improved China's foreign trade and economic 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 multi-ownership structure is increasingly diversified, and the pattern of competition among foreign-funded enterprises, state-owned enterprises, individual and private enterprises and other multi-ownership market entities 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, its benefits have increased. The rapid growth of mixed ownership economy has become an important supporting force for economic development. Non-public sectors of the economy, such as individual and private sectors, have flourished, and the proportion of industrial added value has increased from about 10% in 1990 to more than 1/3 at present. According to statistics, among the 40 industrial sectors, 27 sectors account for more than 50% of the non-public economy, and some sectors account for more than 70%. 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.

Seven, the market-related laws and regulations system, modern social credit system, information service system and other initial establishment and continuous improvement, marking the improvement of the overall level of China's modern market system construction.

After more than 20 years of unremitting efforts, China has initially established a legal and regulatory system and a government supervision 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 Administration of Chain Stores, Opinions on the Classification of Retail Business Forms, Emergency Plan for the Supply of Market Necessities, 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 regulation 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 a fundamental policy to rectify and standardize the market economic order. The national unified basic database of personal credit information was officially put into operation in June 2006, and the number of natural persons collecting credit information reached 340 million, including about 35 million with credit records. By the end of 2005, 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 52,000 inquiry user terminals in branches of commercial banks across the country. At present, the daily inquiry volume of personal credit report has reached about 1 10000, which has played an active role in improving the efficiency of loan review, facilitating people to borrow, preventing non-performing loans, preventing individuals from being over-indebted, and determining the interest rate level according to credit risks. This is an important infrastructure in the construction of credit information system for enterprises and individuals in China.

The market information service system has begun to take shape. The national urban and rural market information service system was completed and put into operation in 2005. The system includes four direct monitoring systems, three indirect monitoring systems and the national commodity circulation database. Including 600 kinds of consumer goods in category 2 1 and 300 kinds of means of production in category 1 1; The detection area includes 258 prefecture-level cities, 147 counties and more than 5,000 markets. It can also transmit the market price information and supply and demand information of 1 1 countries and regions in real time.

However, it should be noted that there are still many deep-seated contradictions and problems in the construction of modern market system in China. First, the system of laws and regulations that meet the requirements of the modern market system is not perfect, and there are still some gaps in laws and regulations. For example, the Anti-Monopoly Law, an important law regulating market order, has not yet been promulgated; Second, the development of factor market is not mature enough, and the market formation mechanism of scarce factor prices and public services has not yet been established; Third, the government's ability to manage the economy needs to be improved urgently, and there is still the problem of excessive government intervention in the economy, and the role of market intermediary organizations has not really been brought into play; Fourth, there are still problems of regional blockade, sectoral division and industrial monopoly. Some local governments and departments do not hesitate to use administrative, economic and even technical means to restrict the free circulation of goods and protect local markets and enterprises. Fifth, the pace of credit system construction in modern society is still relatively slow, lacking of overall planning, supporting laws, regulations and government regulations, lacking of developed credit service industry, and the phenomenon of lack of credit of market operators is still relatively common; Sixth, the market infrastructure is relatively backward, the circulation efficiency is low and the logistics cost is too high. These problems need to be studied and solved in the future work.

(Author: Comprehensive Department of Research Office of the State Council)