(Source: "Securities Times" 2025-09-05)
Introduction:During the “14th Five-Year Plan” period, China completed the key leap in competition policy from concept declaration to institutional formation in five years. Standing at the threshold of the "15th Five-Year Plan", domestic "involution" competition and foreign "subsidy-countervailing" conflicts are heating up simultaneously. Competition policy urgently needs to move from "have or not" to "strong or not" and "good or not". Based on a systematic summary of existing experience and achievements, this article proposes new ideas to upgrade competition policy to a top-level macro-governance tool, internalize high-standard international economic and w88 rules into governance standards, and fully incorporate industrial subsidies into competitive neutrality assessments, so as to provide policy reference for building a high-level socialist market economic system.
1. Laying the foundation for the “14th Five-Year Plan”: Systematic integration of w88 live casino policy and rule of law guarantee system
1. From policy statement to institutional framework
Since the 18th National Congress of the Communist Party of China, with the goal of "giving full play to the decisive role of the market in resource allocation", the central government has attached great importance to w88 live casino policy, and progressive expressions have continuously promoted w88 live casino policy from behind the scenes to the front. The Decision of the Fourth Plenary Session of the 19th CPC Central Committee calls for “strengthening the basic status of w88 live casino policy.” This is the first time that the expression of w88 live casino policy has been included in the Central Plenary Session document. The "Outline of the 14th Five-Year Plan" uses a separate section to make specific arrangements for strengthening the basic position of w88 live casino policy. The "14th Five-Year Plan" "Market Supervision Plan" proposes to achieve the goal of "more coordination between w88 live casino policy and industrial policy", grasping the core content of this work.
As the importance of w88 live casino policy becomes increasingly prominent, the Anti-Monopoly Law was revised for the first time in 2022 to include the statement "strengthening the basic status of w88 live casino policy"; "the state establishes and improves a fair w88 live casino review system" also formed the new "Anti-Monopoly Law" provisions, prompting the introduction of the "Fair w88 live casino Review Regulations" of the State Council. Since the implementation of the fair w88 live casino review system, nearly 2 million policies and measures have been reviewed across the country, and about 5 million existing documents have been cleared. About 100,000 policies and measures that exclude or restrict w88 live casino have been abolished or revised. Market w88 live casino order and business environment continue to improve.
2. From overall reform to multiple breakthroughs
As the work of fair w88 live casino continues to deepen, competitive reforms in industries with natural monopoly attributes such as railways, energy, and telecommunications continue to advance simultaneously. In the telecommunications industry, with the official commercialization of mobile communication resale business, the co-construction and sharing rate of 5G base stations has exceeded 90%, and virtual operator users have exceeded 100 million; in the power industry, starting from 2023, all coal-fired power generation nationwide will enter the market in principle, and industrial and commercial users will The price floating range has been expanded to ±20%, and the first batch of pilot settled electricity in the inter-provincial power spot market has exceeded 50 billion kilowatt hours; in the railway industry, in 2024, the Beijing-Shanghai high-speed railway will implement a floating fare mechanism, and the China Railway Group will introduce social capital to participate in intercity railway operations for the first time.
3. From domestic rules to international governance
China will apply to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in 2021, sign the Digital Economy Partnership Agreement (DEPA) in 2023, and take the lead in conducting competition neutrality and subsidy transparency stress tests in free w88 pilot zones (ports) such as Beijing, Shanghai, and Hainan. In 2024, the Shanghai Pilot Free w88 Zone issued the first cross-border data "Competition Compliance Certificate" to provide companies such as TikTok and Shein with a "Chinese solution" to deal with the EU's Digital Market Act (DMA).
2. Mirror of the “14th Five-Year Plan”: Three major challenges from rapid growth to high-quality development
1. “Involutionary” w88 live casino: the systemic root cause of insufficient competitive space
Recently, “involution” w88 live casino continues to spread in many industries. After the price of photovoltaic modules fell by 40% in three years and the withdrawal of the "state subsidy" for new energy vehicles, some local governments turned to the "local subsidy" + "government investment fund" approach to continue blood transfusion. The profit per bicycle of new energy vehicles fell below 3,000 yuan. Behind the expansion of homogeneous production capacity are local "nanny-style" subsidies and implicit credit guarantees. In 2024, government subsidies for A-share new energy vehicle companies will still account for as high as 27% of net profits, distorting the company's exit mechanism and delaying market clearing. A central province will provide a cash subsidy of 5% of fixed asset investment for new battery projects in 2024, which directly induced the two surrounding provinces to follow up and "increase the investment", eventually causing the regional capacity utilization rate to fall below 60%.
The "involution" w88 live casino reflects some regular characteristics and experiences: First, from the perspective of national interests, overseas technology export controls to China are gradually escalating. If the country continues to expand low-end production capacity in an orderly manner, the window period will be missed. Second, from an innovation perspective, when technological routes are still in the exploratory stage, excessive subsidies can easily lock in inefficient paths and inhibit disruptive innovation. Third, from the perspective of the domestic market, w88 live casino without innovation and innovation without w88 live casino are likely to accelerate the concentration of the market structure and breed "oligarchs" to further curb development.
2. "Misplacement" of industrial policy and w88 live casino policy
Since 2024, the domestic AI track has shown the trend of a "hundred-model war": more than 200 large-scale model start-ups have emerged in half a year, and governments in many places have competed to attract projects with "computing power coupons" and "landing awards". Some parks have even shouted "a subsidy of 10 million yuan per 1,000 calories per year." Beneath the surface, there is homogenization of models and intensifying price wars - a leading cloud vendor lowered the API call price of a model with hundreds of billions of parameters by 90% at one time. Small and medium-sized enterprises were forced to follow up and compete for customers at a loss, causing the proportion of R&D investment to plummet from an average of 18% to less than 6%. What is even more worrying is that local governments compete for subsidy policies, resulting in duplication of computing infrastructure and high-end GPU vacancy rates as high as 40%, forming a new round of "policy depression-resource misallocation."
Industrial policies can quickly achieve market scale in the early stages of industry development, but it must also be noted that leading in scale does not mean leading in technology or market. “Blowing all the sand will lead to gold.” Only after countless rounds of market w88 live casino can enterprises in the industry stand out from long-term w88 live casino, and industrial policies can be truly implemented.
3. The “high wall” of international economic and w88 rules
The EU's Foreign Subsidy Regulation (FSR) will be officially implemented in July 2024. The first case is to launch an in-depth investigation into China's electric bus subsidies, requiring the companies involved to divest European orders within 6 months; the U.S. "Inflation Reduction Act" (IRA) excludes Chinese battery materials from the subsidy list, and domestic manufacturers face the chain impact of "countervailing as soon as they go overseas." In addition to the high requirements of individual countries and regions, international rules such as the CPTPP also impose "three locks" on state-owned enterprises: for the first time, "state-owned enterprises" are defined as "enterprises in which the government owns more than 50% of the equity or has actual control." The statistical scope of state-owned enterprises is wider; state-owned enterprises are required to " "Only based on commercial considerations" prohibits "non-commercial assistance" such as cross-subsidies, low-price financing, and administrative monopoly; in addition, state-owned enterprises must disclose more than 20 pieces of information every year such as equity structure, government capital injection, debt guarantees, tax preferences, etc. Once it is determined that "adverse effects" have been caused, dispute resolution can be initiated and countervailing tariffs can be imposed.
3. Outlook of the “15th Five-Year Plan”: Using w88 live casino policy to guide the new agenda of reform and opening up
1. Strengthening the basic position of w88 live casino policy: from “influence” to “leadership”
First, further deepen the understanding of the regularity of w88 live casino policy. w88 live casino policy is a collective term for policies and laws that take "respecting the market and giving priority to w88 live casino" as the fundamental principle and basic compliance. In mature market economies, w88 live casino policy plays a fundamental and decisive role in resource allocation, requiring other policies and legislation to give priority to the laws of the market and the rules of w88 live casino during the formulation and implementation process.
Second, further play the important role of competition policy. During the "15th Five-Year Plan" period, competition policy should further root competition policy in the top-level design of the national economic system on the basis of "strengthening the basic position of competition policy" and achieving the goal of "more coordination between competition policy and industrial policy." It is necessary to clarify the coordination relationship and coordination mechanism between competition policy and industry, finance, investment, currency, w88, consumption, employment, regional and other policies, and build corresponding systems to guarantee it, and achieve an all-round upgrade of the "point, line, and surface" of competition policy.
Third, further improve the implementation framework of w88 live casino policy. Specific to the work level, first, industrial planning, financial support, key investments, etc. must be accompanied by w88 live casino impact assessment reports. The second is to require that relevant industrial and fiscal policies must be formulated into legal documents before they can be implemented, using the "long-term stability" of the system to offset the "short-term phased nature" of the policy. The third is to improve the corresponding assessment mechanism. On the one hand, the relevant personnel should be "lifelong responsible" for the establishment of low-quality and repeated construction projects; on the other hand, the projects that can be significantly effective in the long term should be made so that the relevant persons in charge can "benefit in the long term" and avoid local governance that "exhausts the lake".
2. Building a high-level socialist market economic system: activating innovation through w88 live casino and rule of law
First, rigid constraints must be established to properly handle the relationship between the government and the market. In highly innovative fields such as communications, chips, digital economy, and artificial intelligence, cutting-edge, original, and disruptive innovations often arise in highly market-oriented environments, and government planning cannot replace market choices. Therefore, in the process of industrial planning, the government should insist on doing something and not doing something, and combine the rectification of "three-shot" cadres with the restraint of government industrial planning to prevent the industry from being "framed" and reserve sufficient space for different technical routes and innovation paths in the market.
Second, let w88 live casino and price mechanisms play a fuller role in factor markets and key areas. For example, in terms of the capital market valuation system, a linkage mechanism for the supervision of listed companies and w88 live casino policy assessment has been established. For pharmaceutical and chip companies that receive government subsidies exceeding 30% of their net profits before listing, they are required to disclose the subsidy exit path and the sustainability of market w88 live casino; investment banks must issue special verification opinions on w88 live casino compliance. Another example is in the land market, the reform of "standard land + commitment system" is promoted. Before the transfer of industrial land, taxation, energy consumption, and emissions per mu are announced as "hard levers." If the winning companies fail to meet the standards, the land will be taken back according to the market assessment price, and "inefficient land enclosures" will be put to an end.
Third, we must build a more complete legal protection system for w88 live casino concepts and rules. For example, explore competitively neutral rules for the "data element market" and implement "fair and non-discriminatory" opening of public data held by the government to prevent state-owned platforms from using their data advantages to squeeze private innovation. At the same time, the government should provide clear rules for enterprises to reduce their compliance costs and enhance their long-term expectations and certainty.
3. Connect with high-standard international economic and w88 rules: change “away” to “home”
It is necessary to connect high-standard international economic and w88 rules such as the CPTPP at a high level. At the same time, it should be recognized that high-standard international economic and w88 rules are not equal to the texts recorded in various treaties and agreements, because there are various games and compromises behind the formation of the texts, which ultimately form a "common denominator", which is recognized within a certain range. Therefore, it is necessary to look through the text of the rules to see the regular concepts, values and operating systems behind them, and to lead the discourse and practice system of international economic and w88 rules with a high level of docking.
[Conclusion]
During the "15th Five-Year Plan" period, China's economy will shift from scale expansion to quality w88 live casino. w88 live casino policy is no longer a simple "anti-monopoly", but a basic system that coordinates development and security, reform and opening up. Only by placing w88 live casino policy at the core of macro governance can we nurture world-class enterprises with full w88 live casino in the domestic market and create new advantages for an open economy by aligning with high-standard international rules. Through good w88 live casino policy, innovators can win the market, rather than subsidies winning orders.
Attachment: Original link
https://mp.weixin.qq.com/s/RM6fPoqS5ydAApXDuHgjNA
