The "Opinions of the CPC Central Committee and the State Council on Accelerating the Improvement of the Socialist Market Economy System in the New Era" clearly stated that, focusing on the reform of market-oriented allocation of factors, we should accelerate the cultivation of a unified, open, competitive and orderly market system, promote the construction of factor market systems, and realize the market-oriented factor price, independent and orderly factor flow, and efficient and fair factor allocation. First of all, improve the modern property rights system with clear ownership, well-defined rights and responsibilities, strict protection and smooth circulation, meanwhile strengthening property rights incentives. Property rights are the prerequisite for market transactions, and they are transferred through the market themselves. It is imperative to establish a property right incentive system since it serves as the basis for the vitality of the market players. Next in importance, build a high-standard market system to lay a solid institutional foundation for the effective operation of the socialist market economy. Despite the fact that most of China's factor markets have been opened up, there still exist short boards in the market system. It is therefore necessary, to improve and standardize the financial market, construct and standardize the land market, develop the technology market, fully open the labor market and promote market sharing of big data. Last but not least, break down all kinds of obstacles and hidden barriers to promote fair and full competition. Full competition requires expanding the scope of market-oriented prices of material production factors, and fair competition requires the establishment of a unified and open market. Correspondingly, we need to create a competition policy framework, which advances allocation of resource, cultivation of market players and industrial organization policy based on competition.
