Has Unified Market Construction Promoted the Circulation of National Value Chain
The construction of a national unified market is the underpinning and inherent requirement for establishing a new develop-ment paradigm.From the dual perspectives of supply-side structural reform and expanding domestic demand,this study explores the impact mechanism of the construction of a unified market on the circulation of national value chain(NVC)and tests the theoretical hypotheses of"demand driving supply"and"supply creating demand".The research shows that the building of a unified market pro-motes the backward demand circulation of NVC through supply-side structural reform but fails to stimulate the forward supply circu-lation through expanding domestic demand.Further analysis reveals that under the coordinated regional development strategies,re-gional total factor productivity(TFP)is a critical boundary condition determining the effectiveness of market integration reform.In re-gions with high TFP,building a unified market significantly propels the supply and demand-side circulation of NVC.In contrast,in regions with low TFP,it has a notable restraining effect.In the regional integration policy trials,the unified market construction mark-edly stimulates the demand-side value chain circulation,making a breakthrough,while inhibiting the supply-side circulation in non-trial areas.In the process of connecting the domestic and international markets,market integration reform facilitates the rise of the inland industrial sectors in the global value chain(GVC).The research findings contribute to a better understanding of the com-plex effects of constructing a unified market and provide policy insights for giving full play to the advantage of a huge domestic mar-ket,coordinating the domestic demand expansion and supply optimization to achieve a higher supply-demand balance in the value chain.
Construction of a Unified MarketNational Value Chain CirculationCoordinated Regional DevelopmentSupply-Side Structural ReformExpanding Domestic Demand
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