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China to boost growth through 'dual circulation' strategy

02
Nov '21

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Under its new development paradigm, China is ready to boost its growth through a ‘dual circulation’ strategy—in which the domestic and foreign markets reinforce each other, according to Chi Fulin, president of the China Institute for Reform and Development (CIRD). The paradigm is aimed at accelerating economic transition, fostering greener growth, and greater opening-up.

China’s industrial structural adjustment is expected to generate enormous market potential and its consumption momentum will remain strong, Fulin said at a forum on ‘China in Building a New Development Paradigm and the World’, co-organised over the weekend by the CIRD the Bank of China, China Daily and China Public Diplomacy Association.

Noting that there is huge room for growth in household service consumption, Fulin estimated that China will become the world’s largest retail market by next year, with total sales reaching $6.06 trillion.

Speaking at the same forum, Martin Raiser, World Bank country director for China, South Korea and Mongolia, said that Chinese consumers can become the locomotive of the world economy, if the country succeeds in shifting domestic demand toward consumption while sustaining the economic growth rate in the 4 to 5 per cent range in the next decade.

Meanwhile, China is actively taking multipronged approaches on energy, production, consumption and the financial front to advance the country’s green transition in social and economic development, Bank of China chairman Liu Lian’ge told the forum. He added that greener growth is expected to fuel the country’s consumption in a healthier and more sustainable manner.

Zhou Shuchun, editor-in-chief and publisher of China Daily, termed greater opening-up as China’s boldest reform measure under the new global situation.

The institutional opening-up will attract talent and boost innovation, said Zhang Yansheng, chief researcher at the China Center for International Economic Exchanges. He said that under the new development paradigm, China is in the process of removing trade barriers and tariffs, lowering subsidies and facilitating trade and investment.

Fibre2Fashion News Desk (RKS)

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