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A China Daily article published on Aug. 14 says concerns that China will close its door by putting forward the new development concept are not well-founded, citing the countrys history of economic development over the past four decades.
The article says Chinas economy expanded after it started to reform and open up in the late 1970s, but an increase in foreign trade led to a wider income gap between the eastern coastal region and the western region. And, in the late 1990s, the nation had already acknowledged the need to shift to a more balanced development mode focusing on domestic demand.
In 2006, China said it would make the expansion of domestic demand the basis for economic development and seek a coordinated development of investment, domestic demand and exports, the article said, adding that such a shift in development orientation has remained unchanged since then.
It stresses China will continue its economic exchanges with other countries and expansion of the domestic market will naturally require more imports and foreign investment, as well as the further opening of its financial sector.
Li Yiping, an economics professor at Renmin University of China, also pointed out that Xi, in his key speech at a symposium with corporate leaders in Beijing on July 21, ruled out the possibility of China closing its doors on other economies.
Li says the dual circulation development pattern centered on the domestic economy and aimed at integrating the domestic and global economies, is the right choice to not only give a much-needed boost to the Chinese economy but also revive the the world economy.
Frank Tang, a reporter for the South China Morning Post, wrote, quoting Chinese government advisers and economists, that the new strategy is focused on competition and opening up, including lowering barriers for foreign investors, a motivation to secure regional trade pacts and a supply-side structural reform of state-owned enterprises.
Meanwhile, there are views that China will reduce economic exchanges with other nations.
Li Hong, an editor with the Global Times, writes that Chinas dual circulation policy aims to fight U.S. bullying and hegemony.
Trying to deflect the (U.S. President Donald) Trump administrations trade protectionism and technology blockade, the new Chinese policy aims to set up a global economic and technological innovation center, rivaling that of the U.S., Li writes.
Although noting that focusing more on inner circulation does not mean China will give up on outer circulation, Li says, to offset the U.S.-led decoupling bid, China may be forced to turn its back on North America (the U.S. and Canada) and Australia by keeping a greater distance from the three unfriendly countries, while focusing more on forming closer economic partnerships with the economies of Europe, Asia, Africa and other regions.
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Register Online for Graduates MLC. Here is the link: https://ceotserms1.telangana.gov.in/MLC/form18.aspx A China Daily article published on Aug. 14 says concerns that China will close its door by putting forward the new development concept are not well-founded, citing the countrys history of economic development over the past four decades. The article says Chinas economy expanded after it started to reform and open up in the late 1970s, but an increase in foreign trade led to a wider income gap between the eastern coastal region and the western region. And, in the late 1990s, the nation had already acknowledged the need to shift to a more balanced development mode focusing on domestic demand. In 2006, China said it would make the expansion of domestic demand the basis for economic development and seek a coordinated development of investment, domestic demand and exports, the article said, adding that such a shift in development orientation has remained unchanged since then. It stresses China will continue its economic exchanges with other countries and expansion of the domestic market will naturally require more imports and foreign investment, as well as the further opening of its financial sector. Li Yiping, an economics professor at Renmin University of China, also pointed out that Xi, in his key speech at a symposium with corporate leaders in Beijing on July 21, ruled out the possibility of China closing its doors on other economies. Li says the dual circulation development pattern centered on the domestic economy and aimed at integrating the domestic and global economies, is the right choice to not only give a much-needed boost to the Chinese economy but also revive the the world economy. Frank Tang, a reporter for the South China Morning Post, wrote, quoting Chinese government advisers and economists, that the new strategy is focused on competition and opening up, including lowering barriers for foreign investors, a motivation to secure regional trade pacts and a supply-side structural reform of state-owned enterprises. Meanwhile, there are views that China will reduce economic exchanges with other nations. Li Hong, an editor with the Global Times, writes that Chinas dual circulation policy aims to fight U.S. bullying and hegemony. Trying to deflect the (U.S. President Donald) Trump administrations trade protectionism and technology blockade, the new Chinese policy aims to set up a global economic and technological innovation center, rivaling that of the U.S., Li writes. Although noting that focusing more on inner circulation does not mean China will give up on outer circulation, Li says, to offset the U.S.-led decoupling bid, China may be forced to turn its back on North America (the U.S. and Canada) and Australia by keeping a greater distance from the three unfriendly countries, while focusing more on forming closer economic partnerships with the economies of Europe, Asia, Africa and other regions.