Chinese President Xi Jinping has stressed building a new development pattern of "dual circulation," in which domestic and foreign markets reinforce each other, with the domestic market as the mainstay.
Xi, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, has elaborated on the new paradigm on many occasions.
The following are some highlights of his quotes:
-- This new development pattern, put forward in light of changes in China's development stage, environment and conditions, is a strategic choice that will enable the country to forge new advantages in global economic cooperation and competition.
-- The advantage of a big economy lies in its advantage of domestic circulation. With a total population of 1.4 billion and per capita gross domestic product exceeding 10,000 U.S. dollars, China boasts the world's largest and most promising consumer market.
-- Taking the domestic circulation as the mainstay is by no means seeking development behind closed doors. Instead, it aims to forge stronger connectivity between internal and external markets, better capitalize on the resources of the two markets and achieve more robust and sustainable development by leveraging the potential of domestic demand.
-- Efforts should be made to accelerate advancing opening-up with institutional guarantees such as rules and norms, and take the lead in building a new system for open economy at a higher level.
-- Enhancing the independent innovation capability and making breakthroughs in key and core technologies are key to establishing the new development pattern.
-- China should integrate the establishment of the new development pattern with the strategy of coordinated regional development and the building of pilot free trade zones, and pioneer exploring the building of the paradigm in regions where conditions permit to create a new highland of reform and opening-up.
-- The Yangtze River Delta region should leverage its advantages including abundant talent, advanced science and technology, well-developed manufacturing industry, relatively complete industrial and supply chains as well as huge market potential and explore ways to forge the new development pattern.
-- Pudong should better coordinate the resources of domestic and international markets, strengthen the capability of mobilizing resources and enhance the global influence on mobilizing factors including fund, information, technology, talent and goods, striving to be the central node of domestic circulation and the strategic link of the internal and external circulation, and playing a better role in leading the integrated development of the Yangtze River Delta.
