On September 11, the State Council approved a two-year pilot project for the comprehensive reform on market-based allocation of production factors in 10 regions, including the Beijing Municipal Administrative Center.

A key feature of the project is exploring methods for allocating various new types of production factors. The project also aims to break down barriers that prevent new types of factors from entering sectoral and industrial systems, and accelerate their conversion into new quality productive forces. The regions involved will be granted greater autonomy in managing land resources, allowing them to arrange new construction land in accordance with population size and demographic trends. With foci on advanced manufacturing, emerging consumption hotspots, new public service demands, and major infrastructure projects, the project will also target key sectors, key industries, grassroots communities in both urban and rural areas, and micro, small and medium-sized enterprises, to increase job opportunities and make good use of the extant ones in the piloting regions.

(Source: Beijing Fabu)