BEIJING, Aug 5 ― China is looking to reduce its reliance on overseas markets and technology for its economic development, government advisers say, as US hostility and a global pandemic increase external risks that could hamper longer-term progress. The country's leaders have proposed a so-called...
Wednesday, 05 Aug 2020 07:48 AM MYT
The country's leaders have proposed a so-called “dual circulation” model of growth to steer the economy, the sources said, which would prioritise “internal circulation” to boost domestic demand and be supplemented by “external circulation”. No details have been given on the strategy. China had already been trying to rebalance its economy towards consumption-led growth from exports and investment. Last year, total exports and imports accounted for 32 per cent of gross domestic product , down from a peak of 64 per cent in 2006, according to government data.
Chinese firms have started to feel the pinch from US curbs on trade and technology as the Trump administration confronts Beijing over a range of issues from its handling of the new coronavirus pandemic to the new security law in Hong Kong. Chinese leaders have pledged to open the economy wider to foreign investors, especially in high-end manufacturing, to expand its global footprint in advanced industries.
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