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Key meeting sets tone for further opening-up

Date: 2020-08-03
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Key meeting sets tone for further opening-up


Chinese leaders have vowed to strengthen the country's economic opening-up drive, which is not in conflict with its recent emphasis on boosting domestic demand but will benefit the global economic recovery, analysts said.

China will continue to be committed to reform and opening-up and efforts in that respect will be strengthened, according to a decision made at a meeting of the Political Bureau of the Communist Party of China Central Committee on Thursday. Xi Jinping, general secretary of the CPC Central Committee, presided over the meeting.

 

The country's top leadership has on various occasions, including Thursday's meeting, reaffirmed the idea of a dual-cycle development pattern, meaning the country's growth will rely on both domestic and international economic developments, with the domestic cycle being the mainstay.

Such a focus on domestic demand is rational due to the serious fallout from the COVID-19 pandemic, which has dampened domestic economic activities and reduced international demand for Chinese products and services, analysts said.

 

'In the new era, the domestic cycle is the main link, supported by the international cycle, and as the advantage of China's super-large domestic market is brought out and its domestic economy is revitalized, there would be new impetus for the country's overall growth,' said Liang Haiming, chairman of the Guangzhou-based China Silk Road iValley Research Institute.

 

The emphasis on domestic development does not mean China will withdraw from the international division of labor, nor does it mark its shift away from its opening-up orientation, said CITIC Securities in a research note.

 

'It does not mean China will close its door,' said Zhu Jianfang, chief economist at CITIC Securities.

 

China will continue to open up its economy and be committed to ushering in more international companies to participate in the nation's high-quality development, contributing to the building of a new development pattern featuring both domestic and international cycles, said Liang, who is also dean of the Hainan University Belt and Road Research Institute.


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