China’s new development pattern is based on the domestic market as the mainstay, with internal and international markets reinforcing each other to present a more open market for domestic and global circulation.
deepen reform and innovation in trade and investment liberalisation and facilitation, and make institutional innovations support an open economy of higher and higher standards; As I understand it, the new vision for development features innovative, coordinated, green and open development. It will foster a new “dual-circulation” development pattern, which focuses on the domestic market as the country’s economic mainstay, with internal and foreign markets complementing each other.
At home, the Chinese leadership has been working to shore up weak links involving people’s livelihoods. At the end of 2015, China had more than 54 million rural residents living in poverty. By the end of 2019, China’s poverty headcount ratio had dropped to 0.6%. The country is now in the final stretch of its plan to eradicate extreme poverty.
China will continue moving towards modernisation; further open up its economy, and advance its pursuit of yuan internationalisation. Being able to put a focus on developing the domestic market also means that China has realised its goal of developing a xiaokang society to support dual circulation. It indicates China’s determination for better self-development.
This highlights the urgent need to beef-up industrial chain capabilities. That is, intensifying efforts to purse homegrown breakthroughs in critical technologies. It also means focusing on bolstering its capabilities in key technologies, and even more efforts to be made to embrace the globalisation of other industrial parts and technologies.