China has issued a guideline on improving the market-based allocation mechanism of production factors in a bid to further facilitate the free and orderly flow of factors and stimulate market vitality.

Efforts will be made to further deepen reform and opening-up and remove institutional barriers that hinder the free flow of factors to lay a solid foundation for high-quality development, according to the document issued by the Communist Party of China (CPC) Central Committee and the State Council.

China will promote market-based allocation of factors of production, including land, labor and capital while accelerating the development of the market of technology and data factors, it said.