Unified domestic market to create new advantages

To support the upgrading of the manufacturing industry and realize the self-reliance of its industry chains and supply chains, China has proposed the dual-circulation development paradigm.

The country hopes to expand the demand and scale of the domestic market, smooth the links of domestic production, distribution, circulation and consumption, and absorb more manufacturing capacity in the process.

However, although the domestic market is large, market segmentation and local protection are relatively prominent, and the market regulation rules, standards and procedures are not unified.

Unlike some big companies of the Republic of Korea and Japan that have developed from original equipment manufacturers to transnational corporations because of their small domestic market, the huge, yet underdeveloped, domestic market has sapped the impetus of Chinese enterprises to go global.

As a result, although China has a large manufacturing industry, it does not have the core technologies and does not have enough internal drive to make the necessary breakthroughs, as the domestic market is large enough to accommodate them.

This is also the reason why some Chinese brands lack competitiveness in the international market. Due to the lack of the support of the domestic large circulation and unified large market, the competition is not sufficient, the allocation of resources and production factors needs to be optimized urgently, and the awareness of rules still needs to be strengthened.

To solve the problem, China must build a unified domestic market as soon as possible so that it can promote the upgrading of the manufacturing industry, attract more foreign investments, and make the Chinese market an integral part of the world market.

So the building of a unified domestic market is to cultivate Chinese market players' competitiveness in the world market, and enhance their positions in the global value chains.

Ultimately, in this process, the country will cultivate new advantages for its participation in international competition and cooperation, prompt more Chinese enterprises to participate in global competition, and enhance China's voice in international economic governance.

21ST CENTURY BUSINESS HERALD