10月30日早间英文播报：New pattern key direction of blueprint

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Anemployee oversees movement of aluminum rolls at a plant in Huaibei, Anhuiprovince. [Photo/Xinhua]

Dual-circulation development seen asvital part of coming 14th Five-Year Plan

China'snew "dual-circulation" development pattern marks a major move fordevelopment for the coming years and is expected to be enshrined into theframework of the upcoming 14th Five-Year Plan (2021-25), said economists andexperts.

ZhangYansheng, chief researcher at the China Center for International EconomicExchanges, said the idea of dual-circulation development will become a pivot ofthe 14th Five-Year Plan, highlighting China's new solution to coordinatingdomestic development and further opening-up in the new era.

The newdevelopment pattern, which looks at the domestic market as the country'seconomic mainstay with domestic and foreign markets complementing each other,reflects a major change in China's economic policymaking, Zhang said.

Thepattern is seen as a key direction for policymakers in hammering out theeconomic blueprint for the next five years.

Proposalsfor the 14th Five-Year Plan are being discussed at the Fifth Plenary Session ofthe 19th Communist Party of China Central Committee, which began in Beijing onMonday and concludes on Thursday. The meeting is also scheduled to unveil thecountry's development targets in the coming years until 2035.

Zhang saidthe next period marks the first five years on the country's journey towardbuilding a modern socialist country by 2049, and the development pattern willhelp China build a complete domestic supply and demand system and meet people'sgrowing need for a better life.

"Domestically,China will focus on meeting people's needs as well as boosting technologicalinnovation to create new engines of growth," Zhang said. "On theexternal side, China will continue to expand opening-up and build an openeconomic system at higher levels. Under the new development pattern, China willopen its doors wider to the outside world instead of simply seekingself-sufficient domestic development."

Moreeffort will be made to boost domestic demand, spur consumer buying, open moreindustries－including finance－to foreign investors and gain a key edge inglobal competition.

WangChanglin, president of the Academy of Macroeconomic Research of the NationalDevelopment and Reform Commission, said China's new economic initiative is notintended to seek seclusion under the domestic circulation model, as itemphasizes the opening of the economy.

Afteryears of development, China is moving forward from the phase of relying more oninternational economic networks to a new stage of domestic and internationaleconomic networks complementing each other, Wang said.

Also,China has the conditions to build the new development modes with the support ofits extra-large domestic market, strong innovative capability, adequatefunding, complete industrial support system and sufficient human resources,Wang added.

"TheChinese economy has posted a stronger-than-expected rebound despite facing agrim and complicated situation both at home and abroad amid the COVID-19pandemic, showing its great resilience, strong vitality and large amount ofroom for maneuver."

China'sGDP expanded 0.7 percent year-on-year in the first three quarters, turningpositive after the negative 1.6 percent in the first half, according to theNational Bureau of Statistics.

"TheChinese economy is playing a key role in supporting global economicstability," Wang added. "China will continue to build an open economyand share its development opportunities with the world."

Pony Ma,chairman and CEO of internet giant Tencent Holdings Ltd, said the newdual-circulation development pattern offers the company new opportunities tocompete in both the domestic and global markets.

"Wewill further open our minds to attract global talent and create an innovationecosystem that integrates businesses, universities and research institutes,striving to become a key node connecting both domestic and internationalnetworks," Ma said.

ClarkeMurphy, CEO of global executive search and assessment firm Russell ReynoldsAssociates, said the company sees enormous potential for the Chinese marketgiven the considerable progress the country has made in preventing andcontrolling the coronavirus pandemic.

"Ithink this interest in learning new ways to do things has really invigoratedChinese executives and Chinese companies, as well as non-Chinese companiesinvesting in China," said Murphy. "The fact that China would createmore markets, more industry segments for foreign investment will be encouragingto global investors."

Murphysaid the company has great confidence in the Chinese market over the nextseveral years.

"Thespeed and scale with which China can try new technologies and new processes andlearn from that scale to adapt how its companies run is ratherincredible," he added. "We will continue to develop our teams ofpeople focused on domestic Chinese companies."

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记者：欧阳诗嘉

播报：CorrieKnight

音频编辑：万月英

原文链接：

http://www.chinadaily.com.cn/a/202010/29/WS5f99f852a31024ad0ba81b38.html