Core Viewpoint - The article emphasizes the importance of a smooth price circulation and transmission mechanism to enhance the efficiency of the national unified market, highlighting the need for targeted reforms to address the current low price phenomenon in China [1][2][3]. Price Formation and Transmission Mechanism - Over the past decade, China has made significant progress in price reform, with 97.5% of goods and services prices determined by the market. However, a rare phenomenon of continuously low prices has emerged, with the CPI index hovering around 1% since March 2023, negatively impacting economic growth and consumer vitality [3][4][5]. - The current price transmission mechanism is hindered by the digital economy's impact, the inadequacy of market pricing in the service sector, and excessive price competition in online sales, leading to a decline in overall price levels [2][6][11]. Digital Economy and Cost Reduction - The digital economy has significantly reduced costs across various sectors, enhancing efficiency in manufacturing and service industries. For instance, logistics costs as a percentage of GDP have decreased from 18% in 2012 to 14.1% in 2024 [7][8]. - However, the costs associated with innovative factors such as technology and digitalization are not effectively reflected in the current pricing system, contributing to the overall decline in price levels [10][18]. Service Sector Pricing Mechanism - The pricing mechanisms for social services and public utilities have not fully transitioned to market-based systems, with significant portions of the CPI basket being influenced by these sectors. The weight of social services in the CPI has reached 25% in 2024 [11][12][19]. - The lack of market-driven pricing in education, healthcare, and public utilities limits the ability to reflect supply and demand changes, impacting overall price dynamics [11][12]. Online Sales and Price Competition - The rise of online sales, particularly through e-commerce and live streaming, has led to a competitive environment characterized by absolute low-price strategies, resulting in price "involution" where prices fall below cost for many products [13][14][21]. - The complexity of online sales pricing and the lack of clear regulatory standards have disrupted traditional price supervision mechanisms, complicating the management of price order in the market [14][24]. Recommendations for Reform - To reverse the low price expectations, it is essential to enhance the price transmission mechanism in the digital economy, regulate online sales, and improve price supervision mechanisms through targeted reforms [15][16][20]. - The article suggests accelerating the marketization of pricing mechanisms in social services and public utilities, promoting competition, and ensuring that pricing reflects supply and demand dynamics [19][20][21].
理顺传导机制 打通价格循环堵点
申万宏源研究·2025-05-09 10:13