Xi: Advance building of unified market

Promoting high-quality development of marine economy stressed at key meeting

President Xi Jinping called on Tuesday for heightened efforts to develop a unified national market and advance the high-quality development of the marine economy, at a key meeting of the Central Commission for Financial and Economic Affairs.

Xi, who heads the commission, highlighted the importance of developing a unified national market in fostering a new development paradigm and promoting high-quality development.

It is also imperative to promote the high-quality development of the marine economy in furthering Chinese modernization, said Xi, who is also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission.

China first outlined a detailed set of policy measures in April 2022 to develop a unified national market, aimed at ending local protectionism and unifying the fragmented market in order to remove key hurdles to economic growth.

The meeting highlighted key requirements for developing a unified national market — standardizing market rules, infrastructure, government conduct, market regulation and law enforcement, and resource allocation, while continuing to expand both domestic and international openness.

Policymakers called for steps to regulate disorderly low-price competition in accordance with laws and regulations, guide enterprises to improve product quality, and promote the orderly exit of outdated production capacity, according to a summary of the meeting.

Government procurement and bidding processes will be further standardized, with strengthened reviews to ensure fairness in awarding contracts, and local authorities will be urged to improve transparency in investment promotion, the summary said.

The meeting called for promoting the integration of domestic and foreign trade, and improving channels for converting exports into domestic sales, adding that a continued special campaign will be carried out to regulate law enforcement related to businesses.

Officials have highlighted the development of a unified national market as a key step to cement and shape China's competitive strength in the face of rising global uncertainty.

Wang Shancheng, head of the department of comprehensive system reform at the National Development and Reform Commission, told a news conference in January that a well-developed unified national market, fully leveraging China's vast market scale, will "give the country the confidence and capacity to navigate global uncertainties and open up new avenues for development".

In promoting the development of the marine economy, the meeting stressed greater emphasis on innovation-driven growth, efficient coordination, industrial upgrading, harmony between humans and the ocean, and mutually beneficial cooperation.

It is important to strengthen top-level design, increase policy support and encourage private capital to actively participate in developing the marine economy, the summary said.

According to a report released by the Ministry of Natural Resources, China's gross ocean product reached 10.54 trillion yuan ($1.47 trillion) in 2024, up 5.9 percent year-on-year, with the marine economy accounting for 7.8 percent of national GDP.

Tuesday's meeting highlighted steps to enhance independent innovation in marine science and technology, reinforce strategic marine research and development capacity, and foster leading marine tech companies and specialized, high-performing small and medium-sized enterprises.

It said that the country will expand and upgrade marine industries, promote the orderly and regulated development of offshore wind power, modernize deep-sea fishing, and develop marine biopharmaceuticals and biological products.

It is important to step up marine ecological protection, continue comprehensive management of key marine areas, explore stratified and three-dimensional zoning and use of maritime space, and initiate carbon accounting for marine ecosystems, it added.

China will deepen its participation in global ocean governance and enhance global marine scientific research, disaster prevention and mitigation cooperation, and partnerships in the blue economy, according to the summary.