Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, expounded on the establishment of a new development pattern where domestic and foreign markets can boost each other, with the domestic market as the mainstay.
Xi made an explanatory speech on the CPC Central Committee's proposals for formulating the 14th Five-Year Plan (2021-2025) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035 to the fifth plenary session of the 19th CPC Central Committee, which was convened from Oct. 26 to 29 in Beijing. The speech was made public Tuesday.
Establishing a new development pattern is a strategic choice to raise the level of China's economic development, as well as to forge new advantages in global economic cooperation and competition, according to Xi.
Since China's reform and opening up, especially after its entry into the WTO, the country has formed a development pattern as "the world's factory," which has played an important role in rapidly increasing China's economic strength and improving people's livelihoods, Xi said.
In recent years, along with the changes in the global political and economic environment, the upsurge in deglobalization and the unilateralism and protectionism acts by certain country, the traditional global circulation has been notably weakened, Xi said, urging efforts to root China's development inside the country and rely more on the domestic market to achieve economic growth.
China is the largest consumer market with the most potential, which has great room for growth, Xi said, noting that, since the reform and opening up, China has managed to defuse risks many times by rooting its development inside the country.
Xi called for sticking to expanding domestic demand as a strategic underpinning and fostering a sound circle in the operation of the national economy.
Xi also called for a supply system more compatible with the domestic demand.
The new development pattern will by no means be a closed domestic loop, Xi said, stressing that it is instead an open dual circulation involving both domestic and foreign markets.
Promoting a large-scale and smooth domestic economic circulation will help better attract global resources, meet domestic needs, elevate industrial and technological development and foster new advantages in global economic cooperation and competition.