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“Dual circulation” pattern an active choice for long-term, high-quality growth: experts

Abstract : China's new economic development pattern of "dual circulation" is not a short-term measure to cope with the COVID-19 pandemic or rising protectionism, but an active policy choice based on changes in the country's development conditions and demands for long-term high-quality growth.

BEIJING, Sept. 29 (Xinhua) — China’s new economic development
pattern of “dual circulation” is not a short-term measure to cope with
the COVID-19 pandemic or rising protectionism, but an active policy
choice based on changes in the country’s development conditions and
demands for long-term high-quality growth, experts said Tuesday.

Currently, protectionism and anti-globalization are on the rise, but
they are not the main reasons for China to adopt the new development
pattern, Yao Jingyuan, a research fellow at the Counsellors’ Office of
the State Council, told a press briefing.

The new development strategy comes as China’s comparative advantages have undergone new changes, Yao said.

The country had put forward the strategy of expanding domestic demand
more than a decade ago, Yao said, noting that the super-large market
with 1.4 billion people and massive domestic consumption potential
emerged as China’s new comparative advantages.

Taking the domestic market as the mainstay under the new development
pattern doesn’t mean a return to an inward-looking economy and will not
affect China’s commitment to opening-up, said Justin Yifu Lin, a
counselor with the State Council and honorary dean of the National
School of Development, Peking University.

According to Qiu Baoxing, also a counselor with the State Council,
the strategy of dual circulation will further promote China’s broader
and higher-level opening-up.

To take the domestic market as the mainstay, it requires efforts such
as deepening reforms further and making consumption the core driving
force of the economic growth, experts said. Enditem

About Xinhua Silk Road

Xinhua Silk Road (en.imsilkroad.com) is the Belt and Road Initiative (BRI) portal. China’s silk road economic belt and the 21st century maritime silk road website, include BRI Policy, BRI Trade, BRI Investment, Belt and Road weekly, Know Belt and Road, and the integrated information services for the Belt and Road Initiative (BRI).

Source: “Dual circulation” pattern an active choice for long-term, high-quality growth: experts

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