Core Viewpoint - The article discusses the approval of a pilot program for the market-oriented allocation of factors in various regions of China, emphasizing the need for reform in the factor market to enhance economic efficiency and productivity [1][8]. Group 1: Reasons for Initiating Factor Market Reform - The factor market in China is less developed compared to commodity and service markets, necessitating reform to improve market efficiency [1][8]. - The pilot program is set to last for two years, aiming for completion by 2027, following previous top-level designs and plans established in 2020 and 2022 [1][8]. Group 2: Selected Pilot Cities - The pilot cities include key regions such as Beijing, Suzhou, Hangzhou, and the Guangdong-Hong Kong-Macau Greater Bay Area, aligning with national strategic development goals [1][9]. - The selected cities collectively account for over 25% of the national economic output in 2024, indicating their significant influence and potential for reform [1][10]. Group 3: Elements Involved in Marketization Reform - The reform encompasses various factors including technology, land, labor, data, capital, resources, and new types of factors such as computing power and spectrum [2][10]. - Specific initiatives include promoting technology transfer, deepening industrial land market reforms, facilitating labor mobility, and enhancing data application scenarios [2][10]. Group 4: Data Factor Marketization - The main approach for data factor marketization involves exploring circulation mechanisms and application scenarios to realize value [2][12]. - Key tasks include enhancing public data resource sharing, fostering collaborative innovation in data applications, and establishing data circulation trading mechanisms [2][12][14]. Group 5: Technology Factor Marketization - The focus is on creating a unified national technology market, including establishing regulatory frameworks and promoting interconnectivity among technology trading platforms [3][15]. - Initiatives include developing financial products to support technology transfer and enhancing international technology cooperation [3][15][16]. Group 6: Land Factor Marketization - The reform aims to increase flexibility in land resource usage, including deepening land management reforms and innovating industrial land supply [4][18]. - Strategies involve revitalizing underutilized land and promoting mixed-use land management to meet diverse industrial needs [4][19]. Group 7: Human Resource Factor Marketization - The reform emphasizes improving talent evaluation and compensation systems, enhancing public employment services, and fostering a conducive environment for talent mobility [6][20]. - Key initiatives include expanding job opportunities, strengthening employment services, and optimizing the market environment for human resources [6][21][22]. Group 8: Economic Impact of Factor Marketization Reform - The reform is seen as a crucial step in building a high-standard market system in China, addressing supply-demand imbalances, and enhancing micro-efficiency [7][23]. - It is expected to stimulate long-term investment opportunities in areas such as data asset formation, technology innovation, and land utilization [7][23].

Core Viewpoint - The decision made by the 20th Central Committee of the Communist Party emphasizes the importance of promoting equal exchange and two-way flow of urban and rural factors to reduce urban-rural disparities and foster common prosperity [1] Group 1: Urban-Rural Integration Achievements - Since the 18th National Congress, significant progress has been made in urban-rural integration, with the urbanization rate of the resident population increasing from 53.73% in 2013 to 67.00% in 2024 [1] - The income ratio between urban and rural residents has decreased from 2.81 in 2013 to 2.34 in 2024, indicating a narrowing income gap [1] Group 2: Challenges in Factor Flow - There are institutional barriers hindering the efficient flow of land, labor, and capital between urban and rural areas, affecting resource optimization and mutual development [2][3] - The dual characteristics of the urban-rural land market highlight the need for improved land resource allocation and efficiency, as well as the activation of "sleeping" land resources in rural areas [2] Group 3: Labor Mobility Issues - The free flow of labor between urban and rural areas is constrained by the household registration system and insufficient public service coverage, which limits the urbanization of agricultural migrants [2] - Rural areas face challenges such as aging populations and hollow villages, which hinder high-quality rural development [2] Group 4: Capital Flow Challenges - Capital flow between urban and rural areas is predominantly one-way, with rural areas experiencing difficulties in financing due to unique land ownership issues and an underdeveloped transaction market [3] - Despite government encouragement for capital to flow into rural areas, the effects have not been fully realized due to regulatory shortcomings [3] Group 5: Proposed Solutions - Recommendations include clarifying land ownership, establishing transaction platforms, and ensuring shared benefits from land value increases to activate dormant land resources [4] - Strengthening incentives and support for talent mobility, including improving the urbanization process for agricultural migrants and enhancing support for rural entrepreneurship [5] - Coordinating the roles of fiscal funds, financial capital, and social capital to attract investment in rural development projects and improve financing capabilities for agricultural entities [5]