Opinion: How China's new development pattern helps empower global recovery

Source: Xinhua| 2020-12-18 18:15:29|Editor: huaxia

Aerial photo taken on Nov. 13, 2020 shows vehicles to be transported at Zigui port in Zigui County, Yichang, central China's Hubei Province. (Photo by Zheng Jiayu/Xinhua)

In an increasingly interdependent world, the best way to achieve one's own interests is to join others and pursue common development. The new development pattern is how China will follow that right path.

by Xinhua writer Shi Xiaomeng

BEIJING, Dec. 18 (Xinhua) -- The year 2020 has been a tough one for world economies. The ongoing COVID-19 pandemic as well as the rise of protectionism and anti-globalization have severely set back global growth.

In face of these daunting challenges, China has unveiled its "dual circulation" development pattern, where internal and external markets can reinforce each other, with the domestic market as the mainstay.

As a strategic vision as well as a roadmap that will guide China's economic reform and development in the future, the pattern is designed for transforming the Chinese economy into an even more powerful engine to promote global recovery and growth.

The "dual circulation" pattern aims to unleash the potential of the Chinese market so that it can provide more business and trade opportunities for other countries across the globe.

Markets are a scarce resource in the current world. The logic behind this pattern is to shift the Chinese economy from an export- and investment-driven market to one focusing on domestic demand. And through expanding domestic demand, the Chinese market can become a more attractive export destination for products of goods and services from other economies.

Visitors view Iranian handicrafts at the Consumer Goods exhibition area during the third China International Import Expo (CIIE) in Shanghai, east China, Nov. 8, 2020. (Xinhua/Zhang Haofu)

Huang Qifan, vice chairman of the China Center for International Economic Exchanges, said China's massive demand is estimated to generate over 27 trillion U.S. dollars of imports of goods and services in the following decade.

The new pattern is never a closed-door strategy. Rather, China will not only open its door wider to the world, but also at a higher level.

By adopting this new pattern, China can actually further level its domestic playing field for Chinese and foreign businesses, and further integrate its own economy into the world economy. What's more, it can play a more active role in promoting the process of globalization in a more balanced and inclusive manner.

Meanwhile, China's overseas investments will also yield more quality benefits for other countries. The Belt and Road Initiative is one main platform to achieve that goal.

With years of joint construction of the Belt and Road with other countries, the initiative has already shown its effects in supporting economic growth, especially during this year's pandemic. Once adjusted to the "dual circulation" pattern, the Belt and Road can bring more suitable projects, products and services of high quality and green development to meet local needs worldwide.

A China-Europe freight train carrying medical supplies bound for Madrid of Spain departs from the city of Yiwu, east China's Zhejiang Province, June 5, 2020. (Photo by Lyu Bin/Xinhua)

Today's world is full of uncertainties. A stable and growing Chinese economy is a necessary and also important driving force for global growth.

The latest released economic indicators have shown that China's economic rebound from the COVID-19 recession is gaining steam. In November, indexes for the manufacturing sector, the service sector, foreign trade as well as the consumption sector are showing encouraging signs of climbing simultaneously. The International Monetary Fund has projected earlier that China will be the only major economy to see positive growth this year.

While China's economy is recovering, the new development pattern is poised to further stimulate the future growth of the world's second largest economy.

By strengthening the link between the Chinese economy and the rest of the world, China's rapid economic comeback can bring more spillover effects overseas, especially through multiple international trade and economic cooperation mechanisms that China has taken part in, thus helping the global economy once again achieve growth at an early date.

In an increasingly interdependent world, the best way to achieve one's own interests is to join others and pursue common development. The new development pattern is how China will follow that right path.