Deepening the Reform of Market-Based Allocation of Production Factors to Advance the Construction of a Unified National Market

In March 2020, the "Opinions of the Central Committee of the Communist Party of China and the State Council on Building a More Complete Institutional Framework for the Market-Based Allocation of Production Factors" established the basic framework for deepening the reform of market-based allocation of production factors; in December 2021, the General Office of the State Council issued the "Overall Plan for Comprehensive Pilot Reforms of Market-Based Allocation of Production Factors," further clarifying the implementation path for the reform of market-based allocation of production factors. The "Decision of the Central Committee of the Communist Party of China on Further Deepening Reform Comprehensively to Advance Chinese-Path Modernization" proposed improving the systems and rules for the market for production factors, promoting the smooth flow of production factors, the efficient allocation of various resources, and the full release of market potential. On March 5 this year, when participating in the deliberation of the Jiangsu delegation at the Third Session of the 14th National People's Congress, General Secretary Xi Jinping emphasized the need to deepen the reform of market-based allocation of production factors, actively break down local protectionism, market segmentation, and "involution-style" competition. A profound understanding of General Secretary Xi Jinping's important expositions on the reform of market-based allocation of production factors and the comprehensive implementation of the Party's and the state's strategic plans are of great significance for advancing the construction of a unified national market in depth.

2020年3月，《中共中央国务院关于构建更加完善的要素市场化配置体制机制的意见》构建了深化要素市场化配置改革的基本框架；2021年12月，国务院办公厅印发《要素市场化配置综合改革试点总体方案》，进一步明确了要素市场化配置改革的实施路径。《中共中央关于进一步全面深化改革、推进中国式现代化的决定》提出，完善要素市场制度和规则，推动生产要素畅通流动、各类资源高效配置、市场潜力充分释放。今年3月5日，习近平总书记在参加十四届全国人大三次会议江苏代表团审议时强调，要深化要素市场化配置改革，主动破除地方保护、市场分割和“内卷式”竞争。深刻理解习近平总书记关于要素市场化配置改革的重要论述，全面贯彻党和国家的战略规划，对于纵深推进全国统一大市场建设具有重要意义。

I. The Significance of Deepening the Reform of Market-Based Allocation of Production Factors to Advance the Construction of a Unified National Market

一、以深化要素市场化配置改革纵深推进全国统一大市场建设的重要意义

Building a unified national market is a major decision made by the Party Central Committee with Comrade Xi Jinping at its core from an overall and strategic perspective. The "Opinions of the Central Committee of the Communist Party of China and the State Council on Accelerating the Construction of a Unified National Market" proposed promoting the smooth flow of goods, production factors, and resources on a larger scale, and accelerating the construction of an efficient, standardized, fair, competitive, and fully open unified national market. The recently held Sixth Meeting of the Central Committee for Financial and Economic Affairs made arrangements for advancing the construction of a unified national market in depth, clearly proposing to unify the market for production factors and resources.

构建全国统一大市场，是以习近平同志为核心的党中央从全局和战略高度作出的重大决策。《中共中央国务院关于加快建设全国统一大市场的意见》提出，促进商品要素资源在更大范围内畅通流动，加快建设高效规范、公平竞争、充分开放的全国统一大市场。近期召开的中央财经委员会第六次会议对纵深推进全国统一大市场建设作出部署，明确提出要统一要素资源市场。

Practical innovation in building a new development pattern. Deepening the reform of market-based allocation of production factors is one of the key paths for China to further accelerate the breakthrough of regional development barriers at the current stage. In the process of deepening the reform of market-based allocation of production factors, by establishing unified national market system rules and improving basic market economy systems such as property rights protection, market access, fair competition, and social credit, it helps to promote the free flow and efficient allocation of various production factors, including labor, capital, technology, and data, across the country. This can not only effectively break the market segmentation caused by local protectionism and eliminate administrative monopolies and industry barriers, but also stimulate innovation vitality through market mechanisms and improve total factor productivity. General Secretary Xi Jinping emphasized deepening the reform of market-based allocation of production factors, improving the basic systems of the market economy, comprehensively cleaning up and correcting local protectionist behaviors, promoting the cross-regional rational flow and optimal allocation of various productive forces, and better participating in the construction of a unified national market. By establishing factor trading platforms and cross-regional coordination mechanisms, it is possible to promote mutual recognition of talent qualifications, sharing of scientific and technological achievements, and value-added circulation of data factors. Efforts should be made to smooth the domestic circulation, effectively release domestic demand potential; at the same time, accelerate the expansion of high-level opening up, promote international circulation, and ultimately drive the factor market and the commodity and service market to achieve a higher level of dynamic balance in multiple dimensions such as supply-demand matching, regional coordination, and industrial upgrading.

构建新发展格局的实践创新。深化要素市场化配置改革，是现阶段我国进一步加快突破区域发展壁垒的关键路径之一。在深化要素市场化配置改革的过程中，通过建立全国统一的市场制度规则，完善产权保护、市场准入、公平竞争、社会信用等市场经济基础制度，有助于促进劳动力、资本、技术、数据等各类生产要素在全国范围内自由流动和高效配置。这不仅能够有效破除地方保护主义造成的市场分割，消除行政性垄断和行业壁垒，而且能够通过市场机制激发创新活力，提升全要素生产率。习近平总书记强调，深化要素市场化改革，完善市场经济基础制度，全面清理纠正地方保护行为，推动各种生产力要素跨区域合理流动和优化配置，更好参与全国统一大市场建设。通过建立要素交易平台和跨区域协调机制，能够促进实现人才资质互认、科技成果共享、数据要素流通增值等。努力畅通国内大循环，有效释放内需潜力；同时，加快扩大高水平对外开放，促进国际循环，最终推动要素市场与商品服务市场在供需匹配、区域协调、产业升级等多个维度实现更高水平动态平衡。

Supply innovation for achieving high-quality development. The reform of market-based allocation of production factors can significantly improve the allocation efficiency of factors such as land, capital, and technology. General Secretary Xi Jinping pointed out that a digital economy with data as a key factor should be built. Therefore, the market-oriented exploration of data factors is particularly critical. After the release of policies such as the "Opinions of the Central Committee of the Communist Party of China and the State Council on Establishing Data Basic Systems to Better Leverage the Role of Data Factors," China is accelerating the exploration and establishment of a data property rights separation system and building a data trading and circulation system. The release of the value of data factors is reflected in the improvement of total factor productivity, and through the integrated application of technologies such as the Industrial Internet and artificial intelligence, it promotes the intelligent transformation of manufacturing, the digital upgrade of the service industry, and the precision transformation of agriculture, thereby further cultivating new business forms such as intelligent connected vehicles and the metaverse, becoming a key engine for developing new quality productive forces. This supply-side structural reform, by reconstructing the production function and optimizing the supply structure, is systematically improving the quality and efficiency of China's economic development.

实现高质量发展的供给创新。要素市场化配置改革能够显著提升土地、资本、技术等要素配置效率。习近平总书记指出，要构建以数据为关键要素的数字经济。因此，数据要素的市场化探索尤为关键。在《中共中央国务院关于构建数据基础制度更好发挥数据要素作用的意见》等政策公布后，我国正在加快探索并建立数据产权分置制度，构建数据交易流通体系。数据要素的价值释放体现为全要素生产率提升，并通过工业互联网、人工智能等技术融合应用，推动制造业智能化改造、服务业数字化升级、农业精准化转型，由此进一步培育出智能网联汽车、元宇宙等新业态，成为发展新质生产力的关键引擎。这种供给侧结构性改革通过重构生产函数、优化供给结构，正在系统性提升我国经济发展的质量效益。

Institutional innovation for perfecting the socialist market economy system. General Secretary Xi Jinping pointed out that adhering to the direction of socialist market economy reform, the core issue is to properly handle the relationship between the government and the market, so that the market plays a decisive role in resource allocation and the government plays its role better. Deepening the reform of market-based allocation of production factors should focus on key links such as the price formation mechanism of factors and the property rights protection system, and strive to resolve deep-seated contradictions in the market system. In terms of market-based allocation of production factors, by deepening the reform of market-based allocation of factors such as land, labor, and capital, administrative monopolies and regional barriers are broken, promoting the free flow and efficient allocation of factors; in the field of property rights protection, a property rights protection system based on the principle of fairness is improved, the intellectual property protection system is perfected, and the innovation vitality of various business entities is stimulated. By establishing a unified urban-rural construction land market, the urban-rural dual structure is broken, achieving equal exchange of land factors. These institutional innovations not only give full play to the decisive role of the market in resource allocation, but also better play the role of the government, promoting the better combination of an effective market and a competent government, marking the continuous maturity and improvement of China's socialist market economy system in theoretical innovation and practical exploration, and building a more systematic and complete institutional guarantee for high-quality development.

完善社会主义市场经济体制的制度创新。习近平总书记指出，坚持社会主义市场经济改革方向，核心问题是处理好政府和市场的关系，使市场在资源配置中起决定性作用和更好发挥政府作用。深化要素市场化配置改革，应聚焦要素价格形成机制和产权保护制度等关键环节，着力解决市场体系中的深层次矛盾。在要素市场化配置方面，通过深化土地、劳动力、资本等要素市场化配置改革，破除行政垄断和区域壁垒，促进要素自由流动和高效配置；在产权保护领域，健全以公平为核心原则的产权保护制度，完善知识产权保护体系，激发各类经营主体创新活力。通过建立城乡统一的建设用地市场，打破城乡二元结构，实现土地要素平等交换。这些制度创新既充分发挥市场在资源配置中的决定性作用，又更好发挥政府作用，推动有效市场和有为政府更好结合，标志着我国社会主义市场经济体制在理论创新和实践探索中不断成熟完善，为高质量发展构建起更加系统完备的制度保障。

II. Main Challenges Facing the Deepening of the Reform of Market-Based Allocation of Production Factors to Advance the Construction of a Unified National Market

二、以深化要素市场化配置改革纵深推进全国统一大市场建设面临的主要挑战

Currently, China's reform of market-based allocation of production factors has achieved significant results: in terms of land factors, the entry of collective operational construction land into the market and pilot reforms of the homestead system are steadily advancing; in terms of labor factors, the reform of the household registration system continues to deepen, and the points-based settlement policies in megacities are gradually being optimized; in terms of capital factors, the registration-based IPO reform has been fully implemented, and the proportion of direct financing has increased significantly; in terms of technology factors, measures such as the revision of the Patent Law and the introduction of incentives for the transformation of scientific and technological achievements have been successively adopted; in terms of data factors, important progress has been made in the structural separation system of data property rights and circulation regulations. However, from the perspective of deepening the reform of market-based allocation of production factors to advance the construction of a unified national market in depth, the following challenges remain.

当前，我国要素市场化配置改革已取得显著成效：土地要素方面，集体经营性建设用地入市、宅基地制度改革试点等稳步推进；劳动力要素方面，户籍制度改革持续深化，超大城市积分落户政策逐步优化；资本要素方面，注册制改革全面落地，直接融资比重明显提升；技术要素方面，相继修订专利法、推出科技成果转化激励等举措；数据要素方面，数据产权结构性分置制度、流通规制等取得重要进展。但从深化要素市场化配置改革进而纵深推进全国统一大市场建设的要求来看，仍面临着以下挑战。

The influence of administrative division thinking affects the formation of a unified national market. Overall, at the current stage, the development of China's factor market is still constrained by administrative division thinking, resulting in local protectionism that conflicts with the construction of a unified national market. In terms of specific manifestations, in traditional factor markets such as land and labor, actual supply shortcomings such as insufficient coverage of urban public services for the floating population not only hinder the optimal allocation of human capital but also directly exacerbate the urban-rural development gap; in new factor markets such as technology and data, problems such as insufficient mutual recognition rates of technical standards among data exchanges in different provinces and cities and significantly low coverage rates of data circulation protocols are prominent, hindering the mutual integration and development between different factor markets.

行政区划思维影响全国统一大市场的形成。总体来看，现阶段我国要素市场发展仍受到行政区划思维的限制，由此形成的地方保护主义与建设全国统一大市场存在冲突。从具体表现来看，在土地、劳动力等传统要素市场，流动人口城镇公共服务覆盖率不足等实际存在的供给短板，在阻碍人力资本优化配置的同时，也直接加剧了城乡发展差距；在技术、数据等新型要素市场，不同省市之间的数据交易所技术标准互认率不足、数据流通协议覆盖率明显偏低等问题突出，阻碍不同要素市场之间的相互融合发展。

There are institutional and mechanistic obstacles to the realization of factor value. The current price formation mechanism is imperfect, mainly in the markets for land, technology, and data. The deep-seated reason lies in the fact that the institutional and mechanistic obstacles to the reform of market-based allocation of production factors have yet to be eliminated. In particular, factors such as the blurred boundary between administrative intervention and market mechanisms, an incomplete evaluation standard system, and lagging transaction infrastructure are superimposed, leading to significant obstruction of factor value realization. For example, in the technology factor market, the lack of a scientific and unified evaluation system causes a large number of innovation achievements to struggle to realize market value, thereby forming a tendency in the patent transaction market to emphasize quantity over quality. This not only results in low-value patents flooding the market but also severely undervalues those innovation achievements that are actually groundbreaking, thus limiting the flow of innovative technological factors and potential transformation efficiency. General Secretary Xi Jinping pointed out, “Data is a new production factor, a basic resource and a strategic resource, and also an important productive force.” [4]4 Xi Jinping, “Speech at the 34th Collective Study Session of the Political Bureau of the 19th CPC Central Committee” (October 18, 2021), quoted in the original text. In the data factor market, the problems facing value realization are more numerous and more complex, mainly reflected in unclear definition of data rights, the lack of a publicly accepted and feasible unified standard for data value assessment, and difficulty in preventing compliance risks in data transactions. The market-based price formation mechanism still has a long way to go.

要素价值实现存在体制机制障碍。当前的价格形成机制不健全主要体现在土地、技术和数据要素市场，其深层次原因在于，要素市场化配置改革的体制机制障碍仍有待消除，特别是行政干预与市场机制的边界模糊、评估标准体系不健全、交易基础设施滞后等因素叠加，导致要素价值实现明显受阻。例如，在技术要素市场，由于缺乏科学统一的评估体系，导致大量创新成果难以实现市场价值，进而形成专利交易市场重数量轻质量倾向，不仅造成低价值专利充斥市场，还使得那些实际上具有突破性的技术创新价值严重低估，从而限制创新性的技术要素流动及潜在转化效率。习近平总书记指出，“数据是新的生产要素，是基础性资源和战略性资源，也是重要生产力”。在数据要素市场，其价值实现面临的问题更多也更复杂，主要体现在数据权属界定不清、数据价值评估缺乏公认可行的统一标准、数据交易合规风险难以防范等方面，市场化价格形成机制任重道远。

The transformation of factor markets is relatively slow. Developing and perfecting factor markets places more and higher demands on the market competition order, property rights system, and modern market supervision system. From the actual situation, the reform of market-based allocation of production factors still lacks targeted implementation plan designs. An interconnected national technology transaction network still needs improvement. The mechanisms for confirming rights, pricing, and trading, as well as the credit and supervision systems, that promote the efficient flow of factors such as data have not yet been fully established, and intellectual property protection also needs further strengthening. At the same time, the degree of internationalization of factor markets is still insufficient, the ability to gather various global factor resources needs to be enhanced, and the efficiency of coordinated allocation among different factors needs to be strengthened. In particular, for data as a new type of production factor, how to effectively empower the restructuring of organizational models in the technology factor market, thereby giving rise to new business forms and models in the technology factor market, still lacks clear and feasible diversified pathways.

要素市场转型相对迟缓。发展完善要素市场对市场竞争秩序、产权制度、现代化市场监管体系等提出了更多更高的要求。从现实情况来看，要素市场化配置改革还缺乏有针对性的实施方案设计，互联互通的全国技术交易网络仍然有待完善，促进数据等要素高效流动的确权、定价、交易机制以及信用、监管制度尚未完全建立，知识产权保护也需要进一步加强。同时，要素市场国际化程度尚有不足，聚集全球各类要素资源的能力有待提升，不同要素之间的协同配置效能有待增强。特别是数据作为新型生产要素，如何有效赋能技术要素市场重构组织模式，由此催生技术要素市场的新业态新模式，仍然缺少清晰可行的多元化路径。

It is difficult to balance risk prevention and control with innovation and development. From the practice of China’s reform and opening up, how factor markets effectively handle the relationship between risk prevention and control and innovation and development has always been a relatively prominent issue. On the one hand, for a long period during reform and opening up, traditional factor markets occupied a dominant position, and factor transactions or cross-regional flows required layer-by-layer approval. While reducing the liquidity of factor markets, this also easily led to problems such as rent-seeking, resulting in imbalanced interest distribution among different departments or regions, which could potentially become further entrenched. On the other hand, fair and orderly factor market transactions not only require the support of technical standardization but also need to balance risk prevention and control with innovation and development. There can sometimes be a certain degree of misalignment between exploratory practice and regulatory rules. A dynamically responsive regulatory mechanism, flexible and diverse regulatory models, and timely adjustments in regulatory intensity are crucial for balancing risk prevention and control with innovation and development.

风险防控与创新发展难以兼顾。从我国改革开放以来的实践来看，要素市场如何有效处理风险防控与创新发展之间的关系，始终是一个比较突出的问题。一方面，在改革开放的较长一段时间里，传统要素市场占据主导地位，要素交易或跨区域流动需要层层审批，这在降低要素市场流动性的同时，也容易造成寻租等问题，导致不同部门或区域之间利益分配不均衡，并有可能进一步固化。另一方面，公平有序的要素市场交易不仅需要技术标准化的支持，还需要兼顾风险防控与创新发展。探索实践与监管规则有时会存在一定程度的错位，动态反馈的监管机制、灵活多样的监管模式、适时调整的监管力度等，对于兼顾风险防控与创新发展至关重要。

III. Path Choices for Deepening the Reform of Market-Based Allocation of Production Factors to Advance the Construction of a Unified National Market

三、以深化要素市场化配置改革纵深推进全国统一大市场建设的路径选择

Currently, the reform of market-based allocation of production factors has entered a critical stage. Facing the urgent needs of global value chain restructuring, the reshaping of international competition patterns, and domestic economic transformation and upgrading, greater attention must be paid to improving market operational efficiency, ensuring a fair and orderly competitive environment, and continuously expanding market openness. While breaking administrative segmentation through institutional innovations such as improving factor trading platforms, technological means such as big data and blockchain should be used to enhance factor allocation efficiency, providing a solid guarantee for advancing the construction of a unified national market in depth.

当前，要素市场化配置改革已进入关键阶段。面对全球价值链重构、国际竞争格局重塑、国内经济转型升级的迫切需求，要更加注重市场运行效率提升、竞争环境公平有序、市场开放持续扩大，在通过健全要素交易平台等制度创新打破行政分割的同时，借助大数据、区块链等技术手段提升要素配置效率，为纵深推进全国统一大市场建设提供坚实保障。

Establish and improve institutional coordination mechanisms, and construct new mechanisms for cross-administrative-region cooperative development. Explore institutional coordination mechanisms combining central planning with regional linkage. Through a combination of top-level design and local pilot experiments, gradually establish a factor market framework with unified rules nationwide. To improve the basic institutions of factor markets, one can start with standardizing factor property rights registration, unified transaction contract templates and dispute resolution, and fair market access conditions. Establish and improve various rules for the confirmation of rights, trading, and supervision of factors nationwide, continuously weakening and ultimately eliminating local protectionist policies. Actively carry out pilot projects for cross-administrative-region factor market coordination. Cross-administrative-region factor trading centers can be established in areas such as the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area. Regularly evaluate the pilot effects and summarize experiences with replicable and scalable value. Explore the implementation of a basic model where national ministries and commissions take the lead in formulating national rules, provincial-level departments are responsible for local detailed implementation plans, and county-level levels focus on execution and supervision. Combining “negative list governance with positive list guidance,” gradually establish a dynamic adjustment mechanism for factor market construction.

建立健全制度协同机制，构建跨行政区合作发展新机制。探索中央统筹与区域联动的制度协同机制，通过顶层设计与地方实践试点相结合，逐步建立全国范围内规则统一的要素市场框架。完善要素市场的基础性制度，可以从标准化要素产权登记、统一交易合同范本及违约纠纷处理、公平的市场准入条件等入手，建立健全全国统一的要素确权、交易、监管等各类规则，不断弱化乃至最终消除地方保护性政策。积极开展跨行政区要素市场协同试点，可以在长三角、粤港澳大湾区等设立跨行政区要素交易中心，定期评估试点效果，总结具有复制推广价值的经验。探索实施国家部委牵头制定全国性规则、省级部门负责地方细则方案、县级层面侧重执行监管的基本模式，以“负面清单治理+正面清单引导”相结合，逐步建立要素市场建设的动态调整机制。

Continuously improve the market pricing system and dynamically correct factor price signals. Strive to promote a market-based price formation mechanism for factors, and accelerate the establishment of a market pricing system that reflects factor scarcity and true value. Further deepen price reforms for traditional factors such as land, labor, and capital. Improve the price formation mechanism for unified urban and rural construction land. Support regions with the conditions to accelerate the removal of barriers such as household registration restrictions, and promote the formation of multi-level capital market pricing. Improve evaluation and pricing standards for new factors such as technology and data. Continue to optimize the patent value evaluation system and actively develop the technology trading market. Encourage and support the formulation of rules for the confirmation of rights, pricing, and trading of data assets, and cultivate and build a number of specialized data trading platforms. Establish and introduce specialized third-party evaluation agencies, formulate scientific evaluation methods and standardized processes for the value of new factors, ensuring market orientation, objectivity, and credibility. Strengthen factor price monitoring and regulation. Promote the construction of information platforms for factor markets, strive to improve factor price monitoring and early warning systems, accelerate the establishment of emergency response mechanisms for abnormal price fluctuations, strengthen both ex-ante prevention and ex-post handling of market monopoly behaviors, and intensify the supervision of unfair competition behaviors in factor markets.

不断完善市场定价体系，动态矫正要素价格信号。着力推动要素价格的市场化形成机制，加快建立体现要素稀缺性与真实价值的市场定价体系。进一步深化土地、劳动力、资本等传统要素价格改革，健全城乡统一的建设用地价格形成机制，支持有条件的地区加快打破户籍限制等壁垒，推动形成多层次资本市场定价。完善技术、数据等新型要素评估及定价标准，继续优化专利价值评估体系，积极发展技术交易市场；鼓励和支持制定数据资产确权、定价、交易等规则，培育建设一批专业化数据交易平台；设立和引进专业化第三方评估机构，制定科学的新型要素价值评估方法和标准化流程，确保市场化、客观性和公信力。加强要素价格监测与调控。推进要素市场信息化平台建设，努力完善要素价格监测预警系统，加快健全价格异常波动应急响应机制，加大对市场垄断行为的事前防范与事后处理，强化要素市场不正当竞争行为监管。

Effectively strengthen digital technology support and strive to build a digital ecosystem. Accelerate the construction of a nationwide digital infrastructure for factor markets to support digital transformation. Establish a unified data factor governance system, research and formulate technical standards or specifications covering the entire chain of data collection, storage, processing, and trading, and further clarify the rules for confirming rights to data ownership, usage rights, and usufruct. Taking the application of technologies such as blockchain in data rights confirmation as an example, first pilot innovations in data circulation models in the Yangtze River Delta region, explore the establishment of cross-regional data sharing mechanisms, and promote legislation on data factor circulation in a timely manner. Cultivate modern data service industries, support the establishment of specialized service institutions such as data asset evaluation and compliance auditing, explore data broker qualification certification schemes, encourage financial institutions to develop data pledge financing products, and guide the cultivation of new positions such as technology evaluation and data compliance. Build a national-level factor trading platform, integrate existing regional trading platform resources, construct a nationwide digital trading system, and use big data analysis to simulate factor flows and provide real-time early warning of trading risks.

切实强化数字技术支撑，着力打造数字生态体系。加快构建覆盖全国的要素市场数字基础设施，为数字化转型提供支持。建立统一的数据要素治理体系，研究制定包括数据采集、存储、处理、交易等全链条的技术标准或规范，进一步明确数据所有权、使用权、收益权的确权规则。以区块链等技术在数据确权中的应用为例，在长三角地区先行试点数据流通模式创新，探索建立跨区域数据共享机制，适时推进数据要素流通促进方面的立法工作。培育现代数据服务业，支持设立数据资产评估、合规审计等专业化服务机构，探索数据经纪人资质认证方案，鼓励金融机构开发数据质押融资产品，引导培育技术评估、数据合规等新岗位。打造国家级要素交易平台，整合现有区域性交易平台资源，构建全国性数字化交易系统，借助大数据分析模拟要素流动与实时预警交易风险。

Actively explore innovations in regulatory models and strive to enhance risk prevention and control capabilities. In view of the rapid changes in the forms and circulation methods of production factors in the era of the digital economy, guided by the dynamic balance between risk control and innovation development, increase the intensity of reforming the traditional regulatory framework and explore regulatory models suitable for the current stage of factor markets. Emphasize differentiated regulation. For traditional factors such as land and labor, focus on strengthening whole-chain regulation and improving credit mechanism construction. For new factors such as data and technology, adopt inclusive and prudent regulation, set a certain period of exploration and observation, encourage and allow relevant enterprises to experiment and innovate within a controllable risk range, and promptly summarize effective practical models from different regions. Promote smart regulation. Actively leverage big data analysis and risk early warning model assessment results, optimize the deployment of blockchain regulatory nodes, and promote full-process controllability and traceability of factor transactions. Strengthen collaborative regulation. Research and formulate unified factor market regulatory standards, data sharing protocols, and other norms, and strive to improve international regulatory cooperation mechanisms in emerging fields such as cross-border data flows.

积极探索监管模式创新，努力增强风险防控能力。鉴于数字经济时代生产要素形态和流通方式的迅速变化，以兼顾风险可控与创新发展之间的动态平衡为导向，加大传统监管框架改革力度，探索适应现阶段要素市场的监管模式。重视差异化监管，针对土地、劳动力等传统要素，着力强化全链条监管，完善信用机制建设；对数据、技术等新型要素，采取包容审慎监管，设置一定时间的探索观察期，鼓励并允许相关企业在可控范围内试错创新，及时总结不同地区行之有效的实践模式。推动智慧监管，积极借助大数据分析与风险预警模型评估结果，优化区块链监管节点部署，促进要素交易全程可控与可追溯。加强协同监管，研究制定统一的要素市场监管标准、数据共享协议等规范，努力完善跨境数据流动等新兴领域的国际监管协作机制。

Accelerate the unimpeded channels for factor flow and continuously optimize the efficiency of allocation across the entire territory. Guided by the goal of optimizing the allocation of production factors nationwide, we must accelerate the breaking down of administrative barriers and regional segmentation, and explore the construction of efficient, fair, and sustainable channels for factor flow. Improve public services for factor flow, establish and refine cross-regional employment service platforms, and, in accordance with local conditions, promote the reform of the household registration system [5]5 The household registration (hukou) system is a state-administered system of population registration in China that classifies citizens as either urban or rural residents and restricts access to social services (e.g., education, healthcare, housing) based on one's registered place of residence. Reforms aim to relax these restrictions to facilitate labor mobility. and the cross-regional coordination of social security at appropriate times, accelerating the elimination of implicit institutional obstacles that hinder labor mobility. Construct a dynamic evaluation and adjustment mechanism, establish a multi-dimensional evaluation system covering economic, social, and ecological benefits, and regularly publish factor flow reports; utilize policy tools such as tax incentives and fiscal subsidies to promote the concentration of resources in high-efficiency regions while ensuring that underdeveloped areas receive necessary factor support. Increase support for supporting measures, advance the market-oriented reform of factor prices, improve cross-regional ecological compensation mechanisms, explore the establishment of a platform for sharing the benefits of regional development, and continuously release the dividends of factor flow through institutional innovation, promoting the formation of a factor market with orderly and autonomous flow and efficient and fair allocation.

加快畅通要素流动渠道，持续优化全域配置效率。以实现要素在全国范围内优化配置为导向，加快打破行政壁垒和地域分割，探索构建高效、公平、可持续的要素流动渠道。完善要素流动公共服务，建立健全跨区域就业服务平台，因地制宜适时推进户籍制度改革与社会保障跨区统筹，加快消除不利于劳动力流动的隐性制度障碍。构建动态评估与调节机制，建立涵盖经济效益、社会效益、生态效益的多维评估体系，定期发布要素流动报告；运用税收优惠、财政补贴等政策工具，在促进资源向高效益区域集聚的同时，确保欠发达地区获得必要的要素支持。加大配套措施支持，推进要素价格市场化改革，完善跨区域生态补偿机制，探索建立区域发展利益共享平台，通过制度创新持续释放要素流动红利，促进形成流动自主有序、配置高效公平的要素市场。

(The author is a council member of the Jiangsu Suke Innovation Strategy Research Institute and a professor at the School of International Economics and Trade, Nanjing University of Finance and Economics.)

（作者系江苏省苏科创新战略研究院理事、南京财经大学国际经贸学院教授）

Online editor: Ma Jingren

网络编辑：马京仁