China has made new progress in building a high-standard market system and will soon become the world's largest consumer market, said China News Service, citing an official on Wednesday.

The total number of market entities exceeded 150 million, including more than 40 million enterprises, said Jiang Yi, deputy director of the Department of Comprehensive System Reform of the National Development and Reform Commission (NDRC). China has already become the world's largest online retail market and will soon become the world's largest consumer market, he added.

Last year, China for the first time proposed to build a high-standard market system, which is unified and open with orderly competition, sound market institutions as well as governance.

Jiang said since the action plan was unveiled and implemented, significant progress has been made in building China's high standard market system through the coordination and cooperation of all parties concerned.

Property rights protection has been strengthened, and remarkable results have been achieved in intellectual property rights protection. The country has been making great efforts in consolidating basic institutions of the market by implementing the negative list system for market access and making advancements in fair competition.

New progress has been gained in promoting market-based allocation of production factors including land, labor and capital, while accelerating the development of the technology market and data factors.

Jiang said that in the next step, more efforts will be made to give full play to the decisive role of the market in resource allocation and to let the government better play its role, so as to smooth domestic market circulation and boost market efficiency.