Develop commodity trading markets and promote supply-side reform

The key to supply-side reform is to straighten out the relationship between the government and the market, realize the decisive role of the market mechanism in the allocation of resources, so as to correct the distortion of factor allocation, improve total factor productivity, expand effective supply, improve the adaptability and flexibility of the supply structure to changes in demand, and achieve sustainable and stable economic development
。 In practice, the bulk commodity trading market (hereinafter referred to as the bulk market) has played an important role in improving the efficiency of market resource allocation and promoting industrial upgrading by providing comprehensive e-commerce services, and involves a wide
range of industries.
Therefore, in the process of promoting supply-side reform, great attention should be paid to
it.

The development of bulk markets is in line with the essence of supply-side reform

At present, the main task of supply-side reform is "three to one reduction and one supplement", that is, to reduce capacity, inventory, leverage, reduce costs, and make up for shortcomings
.
These five major tasks are essentially interrelated, intertwined, intrinsically linked, and involve the whole body, while commodities are "three to one drop and one supplement"
.
Because the main object of capacity reduction is heavy industry, including steel, coal, cement, glass, petroleum, petrochemical, iron ore, non-ferrous metals eight industries, which belong to the category
of bulk commodities.
As China has experienced rounds of capacity expansion, the production capacity of steel, petrochemical, nonferrous metals, building materials and other industries has reached or exceeded the upper limit, absolute surplus and cyclical excess have appeared at the same time, and related industries and products have languished
.
The key to "destocking" refers to destocking real estate inventory, which is also closely related to
its upstream building materials commodities.
At the same time, it should also be noted that due to the mismatch between China's supply structure and demand structure, a large number of products and semi-finished products have been accumulated in all links of the industrial chain, and these inventories are also the main reasons for high costs and high leverage, and occupy resources for innovation, but also the key points of destocking, and its raw materials are mostly from bulk commodities
.
Therefore, it can be said that commodities are related to "three to one reduction and one supplement" and should be the focus of
attention.

The bulk market has grown
considerably over the years.
According to incomplete statistics, by the end of 2015, there were a total of 1,021 commodity trading markets in China, with a physical transaction scale of more than 30 trillion yuan, and the industries involved have covered more than 20 industries in four categories, such as energy and chemical industry, metal minerals, agriculture, forestry, animal husbandry and fishery, and rare and precious metals, becoming an important part of China's commodity market system and a typical representative of the transformation and upgrading of
China's traditional commodity wholesale market 。 The relatively sufficient competitive environment formed by the bulk market will eliminate enterprises with high input, high energy consumption, high emissions, high pollution, low economic benefits and low added value, and based on sufficient data analysis, enterprises in the same region, between regions and regions, can basically maintain a reasonable capacity layout, avoid overcapacity, conducive to the healthy development of the industry, so the bulk market has played an important role in the effective allocation of bulk commodities and related resources, and also provides an important starting point
for supply-side reform.

The bulk market has a lot to do in "three to one reduction and one supplement"

The bulk market puts manufacturers, consumers, financial institutions, trade institutions, logistics and distribution institutions, technical service institutions, and design institutions on one platform, effectively solving the problem of information asymmetry between all links of the industrial chain, and has special advantages
in "three to one reduction and one supplement".

Enterprises conducting business on the commodity trading platform can not only reduce the cost of searching, signing and fulfillment, but also use the delivery warehouse scattered in the bulk market to realize logistics and warehousing nearby, reduce logistics costs, improve circulation efficiency, and can formulate reasonable production and sales plans according to customer needs, optimize product development, manufacturing and inventory, and operate more targeted
.
Due to the generally low industrial concentration in China and the small scale of enterprises, any cost reduction is of great significance
to it.
Therefore, commodity trading platforms are very attractive
to a large number of small and medium-sized enterprises.
For example, Zhejiang Plastics City provides online purchase and sales and online payment and clearing services for more than 10,000 plastic-related enterprises, and has 17 delivery warehouses in Shanghai, Wuhan, Beijing and other places, with an annual transaction volume of more than 40 billion yuan
.

After different institutions take the bulk market as a platform to form agglomeration effect and scale effect, the entire industrial chain is integrated, reconstructed and optimized, and its competitiveness is improved
。 For example, the China Liquor Products Trading Center set up in Sichuan, relying on the existing liquor supply chain industry foundation in the Luzhou Liquor Industry Concentrated Development Zone, not only integrates trading, settlement, settlement, logistics, financing, information, display and other services online, but also concentrates liquor production-related enterprises, such as glass bottle production, bottle cap production, packaging material production of filling enterprises, etc.
, offline through the industrial park, changing the pattern of decentralized production and repeated transportation in the past, which not only greatly reduces production costs, but also improves quality.
It solves the problems of overcapacity of liquor, high production cost of liquor, and large real estate inventory, and promotes product innovation, expands consumer demand, and forms a boom
in production and demand.

The bulk market is of great significance
to promote the transformation and upgrading of industrial structure.
First of all, the environment of full competition in the bulk market can form a reasonable price that truly reflects supply and demand, guide enterprises to rationally arrange production according to demand, and play the role of effectively allocating resources, thereby promoting innovation and eliminating backward production capacity and production methods
.
Secondly, the bulk market establishes a cluster platform on a wider scope to achieve a more professional division of labor and collaboration, which not only improves efficiency, but also amplifies the innovation effect of individual enterprises and enhances the overall competitiveness of the industry through the interdependence and interaction of
upstream, middle and downstream.
Finally, financial, information and other services superimposed on commodity trading commodities can reduce the financing costs and operating costs of related enterprises in the industrial chain, so that they can carry out scientific and technological innovation
.

Develop and standardize the bulk market and promote the upgrading of files

At present, China's bulk market is developing rapidly, and the ability to serve the real economy is increasingly enhanced, but due to the country's ambiguous positioning of the bulk market, lagging legislation, imperfect regulatory systems and mechanisms, lack of relevant industry standards, and imperfect statistics and monitoring and evaluation systems, China's bulk market has a low degree of organization, insufficient innovation ability, limited international influence, and mixed fish, good and bad, and there is still a gap
from China's supply-side reform requirements.

It is necessary to pay close attention to the role of the bulk market, formulate a national bulk market development plan, and promote the development
of the bulk market in the direction of scale, quality and internationalization.
Combined with the construction needs of China's modern market system, key commercial function areas, national e-commerce demonstration cities, demonstration bases, free trade zones, logistics parks, etc.
, relying on transportation hubs, production bases, central cities and large-scale commodity distribution centers, we will focus on building a number of bulk commodity trading platforms with strong radiation driving capacity and integrating logistics centers, trading centers, information centers and settlement centers, so as to promote the cross-border integration and coordinated development
of China's traditional industries and circulation industries.

It is necessary to establish and improve regulatory systems and mechanisms
.
The state clarifies the main body of bulk market supervision as soon as possible, establishes an inter-ministerial coordination mechanism, builds a "multi-level" bulk market supervision system composed of competent ministries and commissions, local provincial people's governments, and national industry associations, and strengthens coordination, guidance, supervision and inspection
of bulk market supervision work.
Classified supervision should be carried out according to different organizational formats of the market, optimize the allocation of regulatory resources, create a standardized and orderly market development environment, and release market vitality
.
At the same time, improve the operating mechanism of the National Commodity Bulk Market Industry Association, guide industry organizations to formulate industry norms and evaluation systems, strengthen industry self-discipline, assist and cooperate with regulatory authorities at all levels, and promote the combination of
industry self-discipline and other disciplines.

It is necessary to promote the upgrading
of the bulk market.
Promote the standardized development of the bulk market, innovate business models, form a service form that interacts with physical transactions, and transform
into a modern commodity business platform of pricing centers, information centers, settlement centers and logistics distribution centers.
Encourage financial institutions to increase financial support for mergers and reorganizations in commodity spot trading markets, and support commercial banks in expanding comprehensive credit lines
for mergers and reorganization markets.
Tax departments should implement preferential tax policies for e-commerce, modern logistics and other relevant tax policies
.