In response to the profound and complex changes in the domestic and international environment,the Fifth Plenary Session of the 19th CPC Central Committee announced that China would adopt a dual arcu-lation development paradigm,with domestic economic circulation as the mainstay and with domestic and international circulation reinforcing each other.This major strategic choice based on the country's unique develop-ment needs is a long-term plan that focuses on the present while keeping an eye on the future.On November 4,2020,Pfesident Xi Jinping said in lus keynote speech at the operung ceremony of the Third China In-tefnational Import Expo that the new development paradigm is "not a development loop behind closed doors,but a more open paradigm of domestic and international dual circulation".
For China's own good,on one hand,it is necessary to explore a new development paradigm wlule seeking high-level opening up,to better connect and utilize the domestic and international markets.On the oth-ef hand,the new development paradigm that requires a higher level of openness willlead to a more open economic system and broader,further operung up.
The dual circulation development paradigm must be based on a high-level of opening up.The key element of dual circulation is the free flow of factOfS that benefit both domestic and international markets.Thus,taking domestic circulation as the mainstay never means creating a "development loop behind closed doors",but rather building a high-level open economy while strengthening domestic circulation.On one hand,it is necessary to unleash the huge growth momentum brought by eco-nomic transformation with furthef operung up.As a large country with a population of 1.4 billion,China still has considerable room for economic transformation and pent-up domestic demand,so it is both possible and feasible to build strong domestic circulation.In contrast to the current insufficient international demand and sluggish growth of the global economy,the strength of China's domestic market is the silver lining that willlead a global economic rebound.
On the other hand,a high level of economic openness will give China some new advantages in international cooperation and competition.For example,robotics,new energy vehicles and the digital economy,among other emerging industries,have found the biggest application market in China,a country which has not necessarily developed the core technol-ogies.With more input into R&D,we will gradually improve the basic industrial capacity and modefnize the industrial chains.If we can lift Chinese companies up from the lower end of the value chains,we can enhance the economy's overall capacity of self-circulation.
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