(The 20th National Congress of the Communist Party of China · Observation) China's layout enhances economic "internal strength"
China News Agency, Beijing, October 18 (Reporter Wang Enbo) "Accelerate the construction of a new development pattern with the domestic cycle as the main body and the domestic and international dual cycles mutually promoting each other." This concept proposed by Chinese decision-makers in 2020, in the CCP's 20th century It was further explained in the big report, "enhancing the endogenous power and reliability of the domestic large cycle, and improving the quality and level of the international cycle" was written in it.
Wang Jun, director of the China Chief Economist Forum, noted that this statement appeared for the first time.
In his view, "endogenous power" mainly refers to internal demand, especially consumer demand; "reliability" mainly refers to the resilience and security of the industrial chain and supply chain.
Wang Jun further pointed out that in the construction of a "dual circulation" system and a new development pattern, the role of domestic demand is more prominent, which is why the report reiterates that "the implementation of the strategy of expanding domestic demand and the deepening of supply-side structural reforms are organically combined".
In fact, it is the decision-makers' conscious grasp of objective economic laws and development trends to lead China's economic cycle with the domestic market as the mainstay.
Since the reform and opening up, especially after joining the World Trade Organization, China has joined the international cycle, and the market and resources are "outside", forming a "world factory" development model, which plays an important role in rapidly enhancing economic strength and improving people's lives.
However, since the international financial crisis in 2008, the momentum of world economic development and the momentum of the international cycle have both weakened significantly.
Relying on the huge domestic demand potential contained in consumption upgrading and industrial upgrading, China has implemented a strategy of expanding domestic demand to effectively cope with the contraction of the external market. The dependence on foreign trade has dropped from a peak of 67% in 2006 to 34.2% in 2021, and domestic demand has contributed 7% to economic growth. more than 100% in each year.
Despite some uncertainties at the moment, China's domestic demand potential is still worth looking forward to.
With a population of more than 1.4 billion and a middle-income group of more than 400 million, the total retail sales of consumer goods across the country in 2021 will exceed 44 trillion yuan, ranking the second largest consumer goods market in the world... On the basis of these figures, the consumption of Chinese residents will be optimized. There is a broad space for upgrading, and the domestic market scale will continue to expand.
Experts believe that to promote the high-quality development of China's economy and better meet the people's growing needs for a better life, objectively put forward higher requirements for enhancing the endogenous power of the economy.
The report "focus on improving the resilience and security level of the industrial chain and supply chain" and "building a modern industrial system" focuses on this.
Shen Yujing, an associate researcher at the Chongyang Institute for Financial Studies at Renmin University of China, said that China's economic development vision is changing from the "outside to the inside".
Standing at a new historical node, we must pay attention to the endogenous nature of the economy, and coordinate demand-side and supply-side structural reforms.
On the supply side, abandon the previous development model of "exchanging market for technology" and "exchanging resources for growth"; on the demand side, shift from export-oriented to expanding domestic demand to fully release the potential of domestic demand.
"The endogenous power and reliability of the domestic cycle are manifested in a high level of self-reliance and self-improvement." Wei Jianguo, former vice minister of the Ministry of Commerce of China, analyzed that on the one hand, we must use our own market and factors, rather than relying on others for independent innovation, Form a modern industrial chain supply chain; on the other hand, it is necessary to participate in the global innovation chain cooperation in the open, and achieve high-level independent innovation in the cooperation.
However, the emphasis on the domestic cycle is not a hint that China is pursuing "economic self-sufficiency".
The report of the 20th National Congress of the Communist Party of China made it clear that "promoting high-level opening-up", and a series of detailed deployment determinations have continued unabated.
Zhao Chenxin, deputy director of China's National Development and Reform Commission, also clarified relevant misunderstandings at the first press conference of the 20th National Congress of the Communist Party of China, emphasizing that "the domestic and foreign demand markets themselves are interdependent and mutually reinforcing."
It is observed that the statement of "improving the quality and level of international circulation" in the report means that China will still rely on its super-large-scale market advantages to attract global resource elements with domestic large circulation, enhance the linkage effect of resources between domestic and international markets, and enhance trade and investment. Quality and level of cooperation.
Wang Jun said that by promoting high-level opening to the outside world, steadily expanding institutional openings such as rules, regulations, management, and standards, strengthening international cooperation and competition, and introducing more international capital, talents and technologies, China will improve its own technology and industrial chain. While improving the level of modernization, gradually build a domestic and international dual-cycle mechanism that complements each other's advantages and promotes each other.
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