Explainer Chinas new dual circulation development paradigm

　　 BEIJING,March28(Xinhua)--Tosustaingrowth,Chinaispushinga"dualcirculation"developmentparadigm,whichhasbeenmentionedasaguidingthoughtinablueprintforitsdevelopmentinthenextfiveto15years."Chinawilladvancethebuildingofastrongdomesticmarketandastrongtradingnationinaconcertedway,basedonthedomesticcirculation,"readtheOutlineofthe14thFive-YearPlan(2021-2025)forNationalEconomicawillthecountryfosteritHerearesomeexplanations.--WhatisthenewdevelopmentparadigmFirstfloatedbyChinasleadershipinMay2020,thenewdevelopmentparadigmof"dualcirculation"allowsthedomesticandoverseasmarketstoreinforceeachother,rculationandindustrialconnectivity,aityofthesupplysystem,removingvariousbottlenecksofdevelopment,andsmoothingthecirculationofthenationaleconomy,Liuwrote.--WhydidChinaproposethenewparadigmDespitetheimpactoftheCOVID-19pandemic,thenewdevelopmentpatterncomesnotasapassive,short-termresponse,butasanactivepolicychoicebasedonchangesinthecountry,Chineseauthoritieshaveputforwardstrategiesincludingexpandingdomesticdemandandsupply-sidestructuralreforms,suggestingthegradualshifttowardinternalcirculationhaslongbeenunderway,saidLiuYuanchun,,protectionismandanti-globalizationareontherise,butthemaindrivingforceforthenewdevelopmentpatternistheshiftinChinascomparativeadvantagefromacheaplaborforcetohugedomesticconsumptionpotential,saidYaoJingyuan,aresearchfellowattheCounsellorsspercapitaGDPrisesabove10,,entailingmassopportunitiesathome.--WillChinacloseitsdoorunderthenewpatternMakingthedomesticmarketthe,bothdomesticandforeignmarketscanbebet,honorarydeanoftheNationalSchoolofDevelopmentatPekingUniversity,saidthattakingthedomesticmarketasthemainstaydoesn,thecountrymade,itsignedtheRegionalComprehensiveEconomicPartnershipagreementinNovember2020,whichlaunchedtheworld,Chinawillpromotetheliberalizationandfacilitationoftradeandinvestment,andsteadilyadvanceinstitutionalopenness,whichstressesrule-based,transparentregulatorymodelsandbusinessenvironmentthatbetteralignswithinternationalnorms,asoutlinedinthenewfive-yearplan.--WhywillChinasnewdevelopmentparadigmbesuccessfulChinaseconomicdevelopmentoverthepast40yearshaslasmostcompleteindustrialsystemandlargestmiddle-incomepopulation,andleadstheworldisabilitytoeradicateinstitutionalobstaclesthroughtirelessreformswillsupporttheoperationofdualcirculationasthemarketisplayingamoredecisiveroleinallocatingresourcesandthecountry,Chinaseaseofdoingbusinessrankingroseto31lastyear,anditisalsoamongthe10economiesthatimprovedthemostontheeaseofdoingbusinessafterimplementingreforms.--HowwillChinaworktoforgethenewparadigmChinasleadershiphasunderscoredthatenhancingindependentinnovationcapabilitiesandmakingbreakthrou,Chinasresearchanddevelopmentspendingwillgrowbyover7percentannually,,theoutlinenotedthatChinawilldeepenitssupply-sidestructuralreformandinnov,thecountrywillstrivetobecomeastrongmagnetforglobalresourcesandproductionfactors,promotethecoordinateddevelopmentofdomesticandexternaldemand,importsandexports,aswellasforeignandoutboundinvestment,accordingtotheoutline.。