申万宏源杨成长：健全市场基础制度 激发经营主体活力

Core Viewpoint - The article emphasizes the importance of establishing a unified national market to stimulate domestic demand and ensure stable economic growth, especially in the face of external uncertainties such as the U.S. "reciprocal tariff" policy [5][8]. Group 1: Market Foundation System - A comprehensive market foundation system is essential for the smooth operation of a unified national market, which includes market operation systems, credit systems, and property rights systems [7][9]. - The market operation system is crucial, involving market access, fair competition, and exit mechanisms that correspond to the lifecycle of enterprises [9][12]. - A robust credit system serves as the "soft support" for the market, reducing transaction costs and enhancing trust among business entities [10][17]. - The property rights system is the "hard constraint" that protects the rights of entrepreneurs and clarifies the boundaries between personal and corporate liabilities, which is vital for encouraging innovation and entrepreneurship [11][23]. Group 2: Market Access and Competition - The article discusses the need to eliminate barriers to market access and create a fair competitive environment, highlighting reforms in market entry and exit mechanisms [12][15]. - Significant progress has been made in market access reforms, including the reduction of prohibited licensing items from 151 to 117, representing a 60% decrease [12]. - The competition rules have been improved, with the first revision of the Anti-Monopoly Law completed in 2022, establishing a comprehensive legal framework for fair competition [12][13]. Group 3: Credit Environment - The establishment of a sound credit environment is crucial for reducing social transaction costs and maintaining order in commercial activities [17][18]. - Recent reforms have led to the development of a social credit system, with over 1.8 billion credit records collected, facilitating better access to financing for businesses [18][20]. - Challenges remain in credit acquisition and sharing, particularly for small and medium-sized enterprises (SMEs), which often face high costs and difficulties in obtaining credit ratings [19][21]. Group 4: Property Rights Protection - Strengthening property rights protection is essential for fostering innovation and entrepreneurship, with ongoing efforts to clarify the responsibilities and rights of entrepreneurs [23][25]. - Despite improvements, issues such as unlimited joint liability for entrepreneurs persist, which can deter investment and innovation [23][24]. - The article calls for the establishment of a unified property rights protection system and the promotion of modern enterprise systems to enhance the vitality of the private economy [25].