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State Council approves guideline for public resource transactions

Updated: May 29,2019 5:22 PM

The State Council recently approved a guideline on integrating platforms for public resource transactions submitted by the National Development and Reform Commission, calling for an all-around implementation by provincial-level authorities.

Per the guideline, all authorities have been promoting the integration of isolated construction project bidding, rights to use land, mineral property transfers and State-owned property transfers, among other types of transactions.

A standardized, transparent, efficient and regulated platform system for public resources transactions has taken shape, with a booming trading market and better allocation of public resources.

In the meantime, the field of public resources transactions is in need of further reform, with innovative mechanisms, improved services, and strengthened regulation.

A steady progress is the goal of the work, the guideline said, and all departments concerned should hold supply-side restructuring high on their agendas, let the market play a decisive role in resource allocation, bring government administration into full play and constantly deepen the integration of public resource transaction platforms.

Authorities involved should make all types of public resource transactions available on online platforms, propel the integration of platforms of this kind, promote transparent and traceable transactions and make the platforms convenient for the public.

According to the guideline, public resources suitable for market-oriented allocation should be covered by the unified public resources transaction platform system by 2020.

Meanwhile, platforms of all levels should be interconnected, with digitalized transactions viable nationwide, in a bid to build a unified, open, competitive and orderly market for public resource transactions.

The unified platforms should take on all types of public resources suitable for market-oriented allocation, including natural resources and equity stakes.

Additionally, approaches to resource allocation call for further innovation, and cross-region transactions on public resources should be promoted.

The guideline also stresses the need for a sound electronic platform system, with public services and streamlined procedures emphasized.