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Five Ministries Issue Guidelines on Upgrading of Commodity Markets

The Guiding Opinions on Promoting the Transformation and Upgrading of Commodity Trading Markets jointly issued by the Ministry of Commerce, Ministry of Land and Resources, Ministry of Housing and Urban-Rural Development, Ministry of Transport and the China Banking Regulatory Commission disclosed that China will see a number of specialised markets with an annual turnover of RMB10 billion each and general markets with an annual turnover of RMB100 billion each that have achieved good results in transformation and upgrading and will build a number of platform-based markets for demonstration purposes by 2020.

The transformation and upgrading of commodity trading markets will proceed in the following three directions:

First, application of information technology. Modern information technology will be used to fully transform and upgrade commodity markets and provide technical guarantee for transformation and upgrading.

Second, customised services. Customised services will be promoted in the light of consumer demand and commodity types to steer the transformation of commodity markets from commodity distribution to service industry clusters.

Third, platform-based development. Supply chain management and services will be strengthened by promoting the development of platform-based commodity markets and the gathering and optimised allocation of resources.

The Guiding Opinions call for better planning and guidance for commodity markets. On a national level, steps should be taken to promote the integration of regional markets in the Beijing-Tianjin-Hebei region, Yangtze River Economic Belt and other regions, expand big regional markets with the neighbouring countries, and make use of China’s advantages in ports and border trade to form a new market pattern with overseas and domestic interaction. On a regional level, commodity market planning should take into consideration a region’s resource advantages, spending power and scope of services, cater to the needs of urban development, make good use of existing resources while maintaining macroeconomic control, and promote the implementation of the hearing and record filing systems in large-scale market planning. Positive steps should be taken to promote the appropriate segregation of urban functions from city core and build logistics parks and processing and distribution centres in the outer suburbs. A good job should be done in industry relocation and the building of commodity markets in the undertaking cities to preserve the integrity of the existing business districts. Commodity markets should be merged and re-organised to promote functional transformation and layout optimisation.

For details of the Guiding Opinions in Chinese, please see: http://www.mofcom.gov.cn/article/b/d/201609/20160901394900.shtml

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