Core Viewpoint - The State Council has approved a pilot program for market-oriented allocation of factors in ten regions, aiming to enhance the efficiency of factor markets and support the development of a high-level socialist market economy [1][2]. Group 1: Pilot Program Details - The pilot program will be implemented over two years starting from September 11, 2023, with an expected completion by 2027 [1]. - The ten selected regions include Beijing's urban sub-center, key cities in southern Jiangsu, Hangzhou-Ningbo, Hefei metropolitan area, Fuzhou-Xiamen-Quanzhou, Zhengzhou, Changsha-Zhuzhou-Xiangtan, nine cities in the Guangdong-Hong Kong-Macao Greater Bay Area, Chongqing, and Chengdu [1][3]. Group 2: Objectives and Focus Areas - The program aims to comprehensively promote the reform of factor market allocation, improve market systems and rules, and eliminate institutional barriers to the free flow and efficient allocation of factors [1]. - The pilot will address not only traditional factors like land, labor, and capital but also innovative factors such as technology and data, emphasizing a tailored approach based on local conditions [3]. Group 3: Rationale for Selection - The selected regions were chosen due to their strong economic foundations and growth potential, making them representative for the pilot program [3]. - Each region will focus on specific areas: for instance, Beijing's sub-center will emphasize internationalization and service industry openness, while the Hefei metropolitan area will focus on transforming scientific achievements into industrial applications [3].

Macro News - The State Council has approved the implementation of market-oriented reform pilot programs in 10 regions, including Beijing's sub-center, Suzhou, Hangzhou-Ningbo, Hefei urban area, Fuzhou-Xiamen-Quanzhou, Zhengzhou, Chang-Zhu-Tan, nine cities in the Guangdong-Hong Kong-Macao Greater Bay Area, Chongqing, and Chengdu, over the next two years [1] Childcare Subsidy - As of September 10, over 24 million childcare subsidy applications have been submitted nationwide, accounting for approximately 80% of the target population [2] Sports Service Trade - The 2024 China Sports Service Trade Development Report indicates that the total import and export volume of major sports services in China is projected to reach 69.342 billion yuan, an increase of 16.455 billion yuan, representing a growth of 31.1% compared to the previous year [5]