Recently, the National Development and Reform Commission (NDRC) released the "Opinions on Comprehensively Deepening Price Mechanism Reform" on its official website. The document emphasizes the need to improve the pricing mechanisms for renewable energy. Specifically, it calls for implementing a declining feed-in tariff mechanism for new energy sources such as wind and solar power, based on technological advancements and market supply-demand dynamics. By 2020, the goal is to align wind power tariffs with those of coal-fired power generation, and solar power tariffs with grid-sourced electricity prices for end-users.
Here is the original text of the policy:
To the Development and Reform Commissions and Price Bureaus of all provinces, autonomous regions, and municipalities directly under the central government:
To thoroughly implement the spirit of the 19th National Congress of the Communist Party of China and further advance the implementation of the "Several Opinions of the CPC Central Committee and the State Council on Promoting Price Mechanism Reform" (Document No. 28 [2015] issued by the CPC Central Committee), we are now proposing the following measures to comprehensively deepen price mechanism reform, drive supply-side structural reforms, and better support our efforts to secure a decisive victory in building a moderately prosperous society in all respects.
I. Significant Importance
Chinese socialism with Chinese characteristics has entered a new era, during which China's principal social contradiction has shifted to one between the people’s growing need for a better life and the reality of development that remains unbalanced and inadequate. Meanwhile, the economy has transitioned from a phase of high-speed growth to one focused on high-quality development. To achieve this, we must prioritize quality and efficiency above all else, taking supply-side structural reform as the main strategic focus. This approach will drive transformative changes in economic development—shifting toward higher quality, greater efficiency, and stronger innovation-driven growth. Ultimately, it aims to establish an economic system characterized by effective market mechanisms, vibrant microeconomic entities, and well-calibrated macroeconomic policies, laying the foundation for building a modernized economic framework. In this new era, price mechanism reform faces fresh demands. We must firmly grasp the critical role of pricing as the "key link" determining resource allocation efficiency under market-oriented economic conditions. This means accelerating the market-oriented reform of prices, strengthening the price regulation framework, and ensuring that prices dynamically reflect market supply and demand. Only then can price mechanisms truly guide resource allocation, foster orderly and compliant pricing behaviors, and ultimately support the pursuit of development that is not only higher-quality and more efficient but also fairer, more sustainable, and better aligned with long-term national goals.
Since the 18th National Congress of the Communist Party of China, price authorities at all levels have closely aligned themselves with the decisions and plans set forth by the CPC Central Committee and the State Council. Steadfastly advancing reforms while tackling tough challenges, they have achieved breakthrough progress in price reform. As a result, the scope of government-set pricing has been significantly reduced, and a scientific pricing system—centered on "allowed costs plus reasonable returns"—has been preliminarily established. This has further enhanced the role of price as an economic lever, strengthened the implementation of fair competition reviews, and bolstered market price regulation and antitrust enforcement efforts. These measures have actively contributed to boosting market vitality, spurring development momentum, and improving people's livelihoods. However, obstacles that hinder the free flow of key resources and factors of production through price mechanisms remain unresolved. Moreover, resource and environmental costs are still not fully reflected in pricing mechanisms. The market environment for fair competition also needs further refinement, and pressing issues related to prices and fees reported by businesses continue to demand focused and effective solutions. Additionally, the long-term mechanisms ensuring stable prices for essential goods and services remain incomplete, while instances of price-related violations that harm the public interest still occur from time to time. Standing at a new starting point and stepping into a new era, we must embrace a spirit of bold responsibility and unwavering determination to push forward price reforms with greater depth and resolve.
II. General Requirements
(1) Guiding Principles: Thoroughly implement the spirit of the 19th National Congress of the Communist Party of China, guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era. Actively adapt to the evolving principal social contradictions in China, uphold the overarching principle of pursuing progress while maintaining stability, consistently apply the new development philosophy, and prioritize supply-side structural reform as the main driver. Focus efforts on resolutely winning the tough battles against major risks, targeted poverty alleviation, and pollution prevention and control. Fully leverage the decisive role of the market in resource allocation while enhancing the government’s role in guiding and regulating the economy. Accelerate price-market-oriented reforms, refine price-setting mechanisms, strengthen price oversight, safeguard fair competition, dismantle administrative monopolies, prevent market monopolies, and ensure that pricing mechanisms effectively incentivize and constrain behavior. This will guide resources toward efficient allocation in the real economy—particularly in areas like ecological protection, environmental sustainability, and public services—thereby fostering high-quality economic growth and better meeting the people’s growing aspirations for a higher quality of life.
(II) Fundamental Principles
——Adhere to market principles. Focusing on enabling the market to play a decisive role in resource allocation, we will vigorously remove price mechanism barriers that restrict the free flow of resources and factors, accelerate the refinement of a pricing system primarily determined by the market, gradually establish competition policy as the foundational framework, enhance resource allocation efficiency, unlock market dynamism, and continuously improve the socialist market economy system.
——Stay firmly problem-oriented. Focus on the deep-seated contradictions hindering current economic and social development, as well as the pressing issues that businesses strongly highlight and that resonate deeply with the public. Prioritize enhancing the quality of the supply system, tackle key areas, address critical gaps, and strengthen weak links. Strive to build a pricing framework and environment that effectively support economic transformation and growth, safeguard ecological sustainability, optimize public services, and improve people’s livelihoods.
——Uphold reform and innovation. Implement the new development philosophy, reform the price formation mechanism to ensure prices fully reflect market supply and demand as well as resource scarcity. Accelerate the internalization of environmental damage costs and enhance the flexibility of price responses. In line with the principle of combining deregulation with effective regulation—and giving equal weight to both—strengthen and innovate price supervision during and after events, safeguarding market price order. Additionally, establish a new, inclusive, and prudent approach to price regulation that fosters the development of new technologies, business models, and market innovations.
——Uphold the protection of people's livelihoods. Firmly establish a development philosophy centered on the people, and consistently ensure and improve their well-being as we pursue growth. Focus on addressing the most pressing, direct, and practical price concerns of the public, carefully balancing the need to enhance market efficiency with the imperative of safeguarding social equity. This will help maintain basic stability in the prices of essential goods and services, ensuring that people can meet their fundamental living needs while protecting their legitimate pricing rights and interests.
——Uphold integrated, coordinated advancement. Integrate price mechanism reform into the broader context of economic and social development, staying true to the right direction while carefully managing timing, pace, and intensity. Thoughtfully balance the relationships between government and market, short-term and long-term considerations, addition and subtraction, as well as supply and demand. Tailor approaches to local conditions, proceed with prudence and stability, leverage progress to foster stability, and strive for tangible results.
(III) Key Objectives. By 2020, the market-based pricing mechanism will be largely perfected, and a government pricing system centered on "cost-plus-reasonable-profit" will be essentially established. Additionally, a price policy framework conducive to green development will be firmly in place, while the price protection mechanisms for low-income groups will be further strengthened. Meanwhile, the market price regulation and antitrust enforcement systems will be more robust, paving the way for a market environment characterized by free flow of resources, flexible price responses, fair and orderly competition, and effective survival-of-the-fittest dynamics among enterprises.
III. Further Deepening Price Reform in Monopolized Industries
Following the overarching principle of "controlling the middle while liberalizing both ends," we will deepen price reforms in monopolized industries. For competitive sectors and segments where competition can be effectively introduced, prices will be gradually freed up to be determined by market forces. Meanwhile, for areas where government pricing remains necessary, we will establish robust cost-monitoring and auditing frameworks, along with well-defined pricing mechanisms, to promote evidence-based and scientifically sound pricing practices.
(Four) Further advance price marketization. In conjunction with the orderly liberalization of electricity generation and consumption plans, expand the scope of market-driven pricing for power generation and retail electricity sales. Accelerate the development of electricity market trading, refine electricity market pricing rules, and strengthen the coal-to-electricity price linkage mechanism. Upholding the market-oriented approach, continue enhancing the mechanism for forming refined oil prices. Deepen market-oriented reforms in natural gas pricing for non-residential users, gradually removing price controls on both gas supply and retail sales where appropriate. At the same time, improve residential gas pricing mechanisms and expedite the establishment of natural gas trading centers in Shanghai and Chongqing. Additionally, broaden the range of railway freight rates subject to market-based adjustments, establish a robust system linking rail freight pricing to highway rates—and ensure that these linkages flexibly reflect market supply and demand dynamics. Finally, explore fair and transparent policies for setting network settlement prices, creating a favorable pricing environment that encourages private capital to enter the railway construction and operations sectors.
(5) Strengthen price regulation for network-based natural monopoly sectors. Establish and improve a robust pricing system centered on the "allowed cost plus reasonable return" model, combining both regulatory constraints and incentive mechanisms. Accurately assess costs, scientifically determine profit margins, and enforce rigorous oversight to encourage monopolistic enterprises to drive technological innovation, enhance operational efficiency, reduce costs, and boost productivity—ultimately safeguarding the legitimate rights and interests of consumers and businesses. Accelerate the development and implementation of industry-specific pricing guidelines and cost-monitoring frameworks, reinforcing cost controls and refining price-setting mechanisms. For key areas such as power transmission and distribution, natural gas pipeline transportation, and conventional railway passenger services, implement stringent regulatory measures, conduct comprehensive cost audits, and set prices in a transparent, fair, and economically sound manner. Actively engage third-party expertise to support cost-monitoring efforts, and gradually establish a transparent information system for disclosing pricing costs in monopolized industries.
4. Accelerate the improvement of pricing mechanisms for public utilities and public services
Distinguish between competitive and non-competitive segments, as well as basic versus non-basic services. Steadily liberalize prices for competitive segments of public utilities and non-basic services, while establishing a robust government pricing mechanism that accurately reflects costs, emphasizes quality and efficiency, and allows for flexible, dynamic adjustments. This approach will help mobilize private-sector investment, address gaps in public utilities and public services, and ultimately enhance the capacity and quality of public product delivery.
(6) Deepen price reforms in public utilities and public services. Accelerate the rationalization of urban water, gas, and heating tariffs. Study measures to gradually reduce cross-subsidies in electricity pricing and refine residential electricity tariff policies. Further consolidate the achievements made in eliminating drug markups, while continuing to remove markups on medical consumables and optimizing healthcare service pricing. Speed up the review and approval process for newly proposed healthcare service price items, fostering the development and application of cutting-edge medical technologies. Additionally, expand the scope and number of medical services billed by diagnosis-related groups or per-service unit. Finally, further explore and improve policies governing parking fees for motor vehicles. In line with the goal of promoting public welfare, develop national park pricing strategies and expedite the establishment of scientific pricing frameworks for tickets at scenic areas featuring natural resources, cultural landmarks, and historical sites.
(7) Establish and improve a dynamic price adjustment mechanism. Scientifically define the boundaries between fiscal subsidies and user fees, while comprehensively considering factors such as cost changes, service quality, and societal affordability. Adjust public utility and public service prices dynamically in accordance with the law. Urge enterprises to strictly fulfill their obligations to report and disclose cost information. Gradually establish and refine upstream-downstream price linkage mechanisms across sectors like urban electricity, water supply, gas supply, and heat distribution. Additionally, enhance the price adjustment framework for Public-Private Partnership (PPP) projects, fostering wider adoption of this collaborative model between government and private capital.
V. Innovate and Improve the Eco-Environmental Pricing Mechanism
Adhering to the principles of prioritizing conservation, protection, and natural restoration, we will innovate and refine eco-friendly pricing mechanisms, internalize environmental damage costs, promote resource efficiency and environmental protection, and foster the development of green production and consumption patterns.
(8) Enhance the mechanisms for ecological compensation pricing and fee collection. In line with the principle of "users pay, and protectors receive fair compensation," scientifically design pricing and fee structures for ecological compensation. Refine policies on paid use of resources and environmental services—including soil and water conservation, fisheries resource enhancement and protection, grassland vegetation management, and marine dumping—by establishing fee methods and standards that are both practical and effective, ensuring these policies are more targeted and impactful. Actively promote market-based trading of green certificates for renewable energy, emissions rights, carbon emission allowances, energy usage rights, and water rights, thereby leveraging market prices to better guide ecological protection and resource conservation efforts.
(9) Enhance the differentiated pricing mechanism. Improve tiered electricity and water pricing policies for industries such as high-energy-consuming, high-polluting, and those with severe overcapacity. Encourage localities to expand the scope of these policies based on their specific circumstances, refine implementation procedures, and appropriately widen price gaps between different tiers, thereby accelerating the phasing out of outdated production capacities. Fully implement a progressive pricing system for non-residential water use in urban areas exceeding set quotas, strengthen strict management of water usage quotas, and carefully determine tiered water volumes and corresponding surcharge rates.
(10) Improve the pricing mechanism for renewable energy. Based on technological advancements and market supply-demand dynamics, implement a declining feed-in tariff mechanism for new energy sources such as wind and solar power. By 2020, achieve parity between wind power and coal-fired power in terms of grid-connected electricity prices, and align solar PV grid tariffs with retail electricity prices sold through the grid. Additionally, refine the price-setting framework for large-scale hydropower projects that cross provincial and regional boundaries. Launch pilot programs for local consumption of distributed renewable energy, explore market-based bidding mechanisms to determine renewable energy generation prices, and study pricing models that support energy storage development. These measures aim to foster healthy growth across the entire renewable energy value chain, while simultaneously reducing the need for additional subsidy funding. Finally, enhance policy support for electric vehicle charging and battery-swapping services, standardize charging and swapping fees, and further encourage the adoption of new-energy vehicles.
(11) Develop and refine green consumption pricing policies. Focusing on promoting a simple, moderate, and environmentally friendly lifestyle characterized by low carbon emissions, establish comprehensive energy-saving and environmental protection pricing policies. Regularly review and improve tiered pricing schemes for residential electricity, water, and gas usage. In line with the principle of cost recovery combined with reasonable profits, gradually adjust tariffs for wastewater and waste management, while exploring the implementation of differentiated pricing systems to encourage waste reduction and resource recovery. Encourage regions with suitable conditions to pilot fee-based systems for rural wastewater and waste treatment. Additionally, support water-scarce areas in developing robust pricing policies that incentivize the recycling and reuse of reclaimed water. Finally, enhance clean heating pricing policies in northern regions. As the process of upgrading fuel quality progresses, introduce price policies aligned with the China VI emission standards.
6. Steadily advance agricultural water pricing and agricultural product price reforms
Focusing on implementing the Rural Revitalization Strategy and advancing structural reforms on the agricultural supply side, we will steadily push forward comprehensive water pricing reforms in agriculture, while proactively and cautiously reforming and improving price-setting mechanisms for key agricultural products like grain. This will ensure prices effectively reflect market supply and demand, ultimately boosting agricultural water conservation and fostering a shift toward more sustainable farming practices.
(12) Fully advance the comprehensive agricultural water pricing reform. Adhering to the principle of "establishing mechanisms first, then building infrastructure," we will steadily push forward the reform—while ensuring that farmers' financial burdens remain unchanged overall. This will be achieved by integrating the reform with ongoing and complementary water-saving projects in large and medium-sized irrigation districts, the construction of high-standard farmland, the implementation of new field-level projects aimed at boosting grain production by 100 billion jin, and other agricultural development initiatives. Importantly, we will coordinate the interplay among the agricultural water pricing mechanism, targeted subsidies and water-saving incentive programs, infrastructure construction and maintenance systems, and efficient water-use management practices. Regions with favorable conditions are encouraged to take the lead in completing the reform ahead of schedule.
(13) Improve the minimum purchase price policies for rice and wheat. Focused on safeguarding national food security and ensuring absolute staple food security, we will uphold a market-oriented reform approach while prioritizing farmers' interests. This includes stabilizing the policy framework, enhancing policy flexibility and resilience, adopting tailored measures for different grain varieties, and implementing reforms in phases. Gradually decouple the policy-driven procurement and storage system from its role of directly guaranteeing income increases, thereby boosting market dynamism. Simultaneously, establish and refine complementary subsidy mechanisms and supporting policies. Additionally, explore ways to enhance sugar-cane pricing policies.
(14) Deepen the cotton target price reform. Improve Xinjiang's cotton target price policy by appropriately setting the target price level and pricing cycle, refining subsidy mechanisms, and exploring pilot programs for "insurance + futures," thereby fostering high-quality, stable development of Xinjiang's cotton industry.
7. Focus on streamlining and regulating fees charged to businesses
Actively supporting the development of the real economy, we will streamline and standardize various enterprise-related fees, establish a robust, long-term mechanism for fee oversight, and thereby ease the burden on the real economy.
(Fifteen) Strengthen strict management of administrative and public service charges. Enhance oversight of administrative and public service fee standards, eliminate unreasonable charge items, and reduce excessively high rates. Establish and improve systems for reporting on the implementation of fee policies and conducting post-assessment evaluations. Rigorously enforce the fee disclosure and publicity system, promote convenient and efficient online and other digital methods for transparency, and bolster public oversight.
(Sixteen) Streamline and standardize business-related service charges. Eliminate illegally imposed or non-compliant fee items, and further liberalize fees that are already competitive. Establish a government-pricing fee list system, ensuring a single national list that is publicly available online in a centralized manner and dynamically updated for management purposes—no government pricing is permitted outside this official list. Additionally, refine market-based rules governing fee-setting practices, strengthen oversight of charging behaviors, and urge fee providers to set rates strictly in accordance with principles of fairness, legality, integrity, and transparency, while delivering services that match their advertised quality and value. Intensify regulatory efforts on fees charged by industry associations, administrative approval intermediary services, and e-government platforms, among others.
8. Effectively promote fair and orderly market competition
Improve regulations, strengthen enforcement, and innovate approaches to continuously enhance market price oversight and antitrust enforcement, ensuring orderly market pricing and actively fostering a fair and competitive business environment.
(17) Fully implement the fair competition review system. Strengthen the joint conference mechanism to effectively promote the implementation of the system. Conduct rigorous reviews of new policies, ensuring comprehensive coverage of regulations and normative documents related to economic activities involving market entities, thereby preventing the introduction of new measures or policies that could exclude or restrict competition. Gradually phase out existing outdated rules and practices that hinder a unified market and fair competition, proceeding in a steady and orderly manner. Additionally, enhance accountability efforts and explore the establishment of a performance evaluation framework for fair competition reviews.
(18) Promote the regular and precise enforcement of anti-price monopoly laws. Promptly initiate antitrust investigations into suspected price monopoly practices, rigorously investigating and addressing behaviors such as entering into or implementing price-fixing agreements, and abusing dominant market positions. Additionally, take corrective actions against regulations and practices that improperly use administrative power to exclude or restrict competition. Closely monitor exclusionary and restrictive competitive behaviors in key areas like industries with overcapacity and intellectual property rights, and firmly tackle any misuse of administrative authority or dominant market positions to stifle competition. Investigate and penalize instances of abusing intellectual property rights to hinder or limit competition, while also exploring and developing standardized pricing mechanisms for essential patents. Strengthen economic analysis and market competition assessments within antitrust enforcement efforts.
(19) Strengthen and innovate market price regulation. Focus continuously on addressing price-related violations in key areas of public concern, establishing a robust, long-term regulatory mechanism. In line with the goals of building a comprehensive platform, fostering a broader systemic framework, and delivering enhanced services, fully leverage the national 12358 Price Regulation Platform. Actively engage societal stakeholders in oversight efforts, and proactively employ advanced information tools such as big data to elevate the effectiveness of price monitoring. Refine emergency price-response protocols to swiftly and appropriately handle any unexpected price-related incidents. Fully implement the "double-random, one-public" inspection approach to ensure standardized enforcement practices. Explore and promote inclusive, yet prudent, price regulation strategies tailored to emerging technologies, business models, and new market dynamics—such as "Internet+" initiatives. Strengthen preventive regulatory measures, including reminders, warnings, and voluntary price commitment programs. Enhance the network for public price oversight by integrating it with the broader social credit system, enabling the development of detailed price-related credit profiles for businesses. For those engaging in price-related misconduct, enforce joint punitive actions to uphold integrity and accountability. Finally, remain steadfastly consumer-focused and emphasize proactive, root-level governance, gradually establishing a well-rounded, efficiently organized, and highly effective system for mediating and resolving price-related disputes.
9. Solidly safeguard the bottom line for people's livelihoods
Adhere firmly to a development philosophy centered on the people, and in accordance with the principles of setting safety nets, strengthening social security systems, and establishing effective mechanisms, prioritize long-term sustainability, adopt comprehensive strategies, ensure basic living standards for low-income groups, and continuously enhance the sense of gain and happiness among the general population.
(20) Strengthen efforts to stabilize prices. Enhance the price monitoring, analysis, and early warning mechanism by closely tracking and analyzing both domestic and international trends in overall price levels and key commodity prices, and promptly issuing policy recommendations for regulation. Intensify monitoring and early warning of prices for essential goods that directly impact people's livelihoods, refine contingency plans to address abnormal price fluctuations, improve the system of strategic reserves for critical commodities, diversify regulatory tools, and bolster overall regulatory capacity to prevent unexpected price swings. Gradually establish a comprehensive price index system covering key goods and services, helping to guide market expectations effectively. Additionally, strengthen coordination among price policies and other economic tools such as fiscal and monetary measures, leveraging the combined strength of these policies to maintain stable overall price levels.
(21) Enhance the price subsidy linkage mechanism. Strictly implement and promptly refine the mechanism that ties social assistance and guarantee standards to rising prices, ensuring timely disbursement of temporary price subsidies in response to inflationary pressures. This will effectively mitigate the impact of higher prices, safeguard the basic livelihoods of low-income groups, and establish a robust, long-term system for protecting people's well-being.
(22) Strengthen livelihood safeguards during price reforms. Develop price reform plans scientifically, actively seek public input, rigorously conduct social risk assessments, thoroughly identify potential risks, and formulate contingency plans to protect low-income groups. Simultaneously, refine supporting policies to ensure that the living standards of low-income households do not decline as a result of price reforms. Carefully time the implementation of reform measures, ensuring they are neither too aggressive nor too gradual, and align them closely with adjustments to wages, social assistance programs, and other safety nets—working together to maintain stability throughout the process.
10. Supporting Measures
Price reform is broad in scope and highly policy-driven, drawing intense attention from all sectors. It is essential to develop a scientifically sound plan, rigorously implement the reforms, strengthen legal safeguards, and enhance communication and guidance—ensuring that all measures are put into practice effectively, systematically, and efficiently, thereby guaranteeing tangible results from the reform process.
(23) Strengthen Implementation and Organization. Development and Reform (Price) departments across regions must firmly establish the "four consciousnesses," elevate their political awareness, stay committed to reform, embrace responsibility, tackle challenges head-on, identify and address the key issues, bravely take on tough tasks, and deliver a decisive victory in the battle for price reform. Based on local conditions, they should carefully design tailored reform plans, meticulously plan and execute each step, clearly define task assignments, and establish robust tracking systems. Upholding the "nailing down" spirit, progress must be made steadily—advancing one milestone at a time—and ensuring that every reform initiative is thoroughly implemented. Enhance inter-departmental coordination and foster seamless communication between different levels of government to create a unified and collaborative effort. Encourage grassroots-level exploration and innovation, while systematically documenting and promoting successful best practices. Strengthen monitoring and oversight, hold all parties accountable, maintain unwavering commitment, and ensure that every reform measure takes root and yields tangible results.
(24) Strengthen capacity building. Deeply study and thoroughly grasp the spirit of the 19th National Congress of the Communist Party of China, especially Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, using this new ideology to fortify our minds and guide practical actions. Intensify research on price theory and policy, conduct in-depth investigations and studies, enhance systematic planning, and expand our policy reserves. Deepen international exchanges and cooperation, fully drawing on mature global experiences. Improve cost investigation and audit systems, and promote the scientific and meticulous management of cost-related work. Strengthen the development of price information systems to elevate the quality of price regulation, oversight, and service delivery.
(25) Strengthen legal safeguards. Actively promote revisions to laws and regulations such as the *Price Law* and the *Anti-Monopoly Law*, refining regulatory frameworks related to government pricing, market price oversight, and anti-monopoly enforcement. This will help consolidate the achievements of price reforms and ensure that both government and market pricing activities are conducted in a well-regulated manner. Regularly assess and promptly update central and local price lists, while accelerating efforts to improve price hearing procedures. Develop comprehensive guidelines for regulating market pricing practices, setting clear oversight rules, and issuing anti-monopoly directives in key sectors. Additionally, promptly review and abolish policy documents that no longer comply with legal requirements or fail to align with current reform priorities.
(26) Strengthen publicity and guidance. Strategically leverage both traditional and emerging media channels to enhance the dissemination of news information, ensuring accurate and objective interpretations of price reform policies. Innovatively engage in public awareness campaigns, boosting our capacity for news communication, and effectively sharing compelling stories about price reforms in ways that resonate with the public. Actively address societal concerns, appropriately guiding public opinion and market expectations, thereby fostering a positive public discourse environment conducive to comprehensively deepening price mechanism reforms.

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