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1、 The Decisions by the Central Committee of the Communist Party of China on Some Major Issues Related to Comprehensively Deepening Reform (hereafter referred to as the Decision) released on November 15, 2013 brings forward a series of policy initiatives that could have a profound impact on various in
2、dustries, and provide a variety of business opportunities. A unified and open, orderly and competitive market The pledge by the Decision that a “unified and open, orderly and competitive” market will be established is probably the most significant impact that the Third Plenum will bring to market pa
3、rticipants. We must underline, however, that the path toward implementation of the far-reaching reforms outlined in the Third Plenum is fraught with difficulties that must be overcome. These include entrenched political, bureaucratic, and commercial interests. Alignment of these interests to achieve
4、 the policy and economic visions represented in the Decision is a monumental task that Chinas top leaders must now embark upon. Progressive realization of this vision will require the exercise of concerted political will and political capital over the course of many months and years. Through the Dec
5、ision, China embarks upon a bold and visionary path, but this path will almost certainly be characterized by forward steps and backward lurches. An ability to operate in an ongoing environment of uncertainty will be a distinguishing factor for successful businesses going forward in China in the comi
6、ng months and years. That being said, several important changes will take place if this policy initiative is effectively put into practice. First, we foresee a potential significant reduction in local protectionism and the resultant entry barriers that have fragmented the market and increased operat
7、ing costs for businesses. The Decision promises that the leadership will clear and abolish existing practices and rules that have hindered the function of a unified national market and fair competition. In a policy memorandum issued by the Paulson Institute in January 2014, Andrew Batson from GaveKa
8、l Dragonomics highlighted that after a period of rising efficiency of Authors: Peter Fung Global Chair KPMG Global China Practice Email: Tel: +86 10 8508 7017 Peng Yali Head of Research KPMG Global China Practice Email: Tel: +86 10 8508 5828 The Third Plenums Impact on Industries and Business Opport
9、unities 1 2014 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or
10、 any other member firm vis-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. capital use from 1997-2003, SOE efficiency has declined since 20031. It is expected that companies, particularly larger corporations, are likely
11、 to see additional pressures in the competitive environment and a need for increased operating efficiency after a unified market is established. It is timely for these companies to consider adjusting their operating model and organizational structure to benefit from this change. Secondly, the govern
12、ment has made it clear that it will further open a large number of sectors to both foreign companies and domestic privately-owned players. The specific measure is a “ban list” (also known as “negative list”) management system. Except for the specific sectors in the list, foreign companies and privat
13、ely-owned business are free to enter without seeking special approvals. Additionally, under its declared principle of “fair, open and transparent market rules,” the government has shown its determination to rely on the market mechanism, rather than the planning mechanism, in resource allocation, and
14、 to let competition, rather than government preferences, decide the outcome. The Decision states that “the market will play a decisive role in resource allocation”, and China will strive to “establish a market-oriented pricing mechanism. For prices that can be determined by the market, the governmen
15、t will not intervene. The prices of water, petrol, gas, electricity, transportation, and telecommunications will be gradually determined by the market.” This change expects to further correct market distortions and create a level playing field for every market participant. “A unified market entry sy
16、stem based on the creation of a ban list will be implemented. Various market players can by law have equal access to sectors not appearing in the list. A model of pre-entry national treatment plus a “ban list” approach will be explored regarding foreign investors.” The Decision Opportunities embedded in urbanization The policies on urbanization will have profound impacts on a number of industries. Below we outline a number of such impacts.
