China News Service, June 10th. Singapore’s "Lianhe Zaobao" published a signed article by Chen Gang, a senior researcher and assistant director of the Institute of East Asian Studies at the National University of Singapore on the 10th, saying that China’s "double cycle" was proposed to highlight domestic demand and independent research and development. And adapt to the changed international situation.

So far, the pace of China's economic exchanges with foreign countries has not slowed down significantly, but the connection and integration between China's economy and the world economy has deepened.

Data map: On the evening of April 1, tourists in the restaurant on the first floor of the "Peony" cruise ship of Wuhan Liangjiang Tour Company took a buffet, tasted the special food of the cruise ship, and watched the light show of the two rivers and four shores.

This is the first time since the suspension of cruise catering flights in January 2020, the Liangjiang cruise ship has resumed the opening of cruise ship dinning.

Photo by China News Agency reporter Zhang Chang

　　The article pointed out that since the outbreak of the new crown epidemic, Chinese leaders have begun to put forward a new development strategy of "domestic and international dual-cycle mutual promotion", referred to as the "dual-cycle" strategy.

When it comes to the "double cycle", people often think of rising domestic demand and declining foreign trade. The reality is that China's total import and export volume has not fallen sharply due to the US-China trade friction and the new crown epidemic, but has risen against the trend.

　　The article noted that, under the guidance of the "dual cycle" strategy, from January to May 2021, China's total foreign trade continued to grow rapidly.

This kind of growth is not only very rare during the global epidemic, "even in normal years, it is rare."

This fully shows that external demand and external supply still play a very important role in promoting China's economic development.

　　The article believes that among China's major trading partners, "ASEAN" is still China's largest trading partner.

This reflects the general trend of the Chinese economy's deep integration into the East Asian regional economy.

Despite the constant political frictions, the bilateral trade volume between China and Europe and the United States has also seen substantial growth.

Since 2021, the economic and trade ties between China and the world's major economies have been greatly improved.

　　In 2020, affected by the epidemic, global foreign direct investment (FDI) has fallen sharply, but FDI inflows into China has bucked the trend and increased to 212 billion US dollars. China has also become the world's largest foreign inflow country.

The article said that behind such data is the Chinese government's continuous relaxation of restrictions on foreign investment in China and opening up more investment areas to foreign businessmen.

Data map: On May 7, the first China International Consumer Goods Fair was held in Haikou, Hainan.

The picture shows the guests learning about the products in the Japan Pavilion of the first consumer expo.

Photo by China News Agency reporter Luo Yunfei

　　The article observes that China’s foreign investment negative list management model has simplified the approval process for foreign investment.

The "Foreign Investment Law" formally implemented last year protects the legitimate rights and interests of foreign investment from a legal perspective.

At the same time, China's service industry is also opening up in an orderly manner.

　　After the US-China trade friction, there was once a view that the global industrial chain and supply chain are gradually moving out of China.

In fact, this situation has not happened on a large scale. The transfer of some manufacturing and processing plants in some parts is in line with the objective needs of China's industrial upgrading.

As China accelerates the opening up of various investment fields and sustained economic development, more foreign businessmen will invest in higher value-added industries in China.

　　The article believes that while China is "bringing in", it is also "going out."

Although China's overseas investment has been greatly affected by the epidemic, it is still growing, especially in the countries along the “Belt and Road”.

China is also one of the promoters of the diversification of the global industrial chain. At present, it is accelerating investment in manufacturing factories in some developing countries.

Therefore, China is not passive in the process of shifting the global industrial chain, and there are also factors of active participation.

　　In the long run, the article stated that the main driving force of China's economy will come from domestic demand.

This is also one of the important reasons why the "double cycle" emphasizes the domestic cycle as the main body.

This does not mean that China will abandon its opening-up policy.

　　Not only that, the "dual cycle" still emphasizes the mutual promotion of domestic and international double cycles.

This means that foreign economic exchanges will continue to play a very important role, opening to the outside world will continue to promote the development of the domestic economy along a benign track, and the deepening of domestic reforms will also promote further opening up.