Healthy Development on the Capital Market and Construction of a Unified Market:A Political and Economic Analysis on Breaking Local Protectionism in China
Accelerating the construction of a unified national market is a foundational support and intrinsic requirement for establishing a new development pattern.To promote the smooth flow of factor resources on a large scale,it is essential to eliminate local protectionism and market fragmentation.The paper aims to use the paradigm of political economics to study the local protectionism faced in the process of healthy development of China's capital market and the construction of a unified market.It provides an in-depth analysis of the history,development and motivations of local market segmentation and disorderly expansion of capital.Furthermore,it deconstructs the evolutionary relationship between segmentation and the disorderly expansion of capital,evaluates the governance effect of the capital market-related policies,and proposes effective ways to regulate the capital market development to overcome local protectionism.The research finds that local market segmentation has aggravated the disorderly expansion of capital,leading to imbalanced capital allocation between regions and industries,seriously affecting the efficiency of resource allocation in our country,and hindering the construction of a unified national market.It is imperative to speed up the improvement of capital market laws and regulations,and build a unified and open capital market to achieve high-quality economic development.
Local ProtectionismMarket SegmentationDisorderly Capital ExpansionUnified National Market
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