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Understanding the Interplay Between Internal and External Economic Flows and Building a Solid Foundation for High-Quality Development

By Qiu Ping Source: Updated: 2024-06-13

Creating a new development dynamic that focuses on domestic economic flows and features interplay between domestic and international flows is an innate requirement for high-standard opening up and a necessity for high-quality development. To encourage interplay between internal and external economic flows, we will construct a dual-loop system comprising more open domestic and international flows and create connections between the domestic and international markets that support high-quality development. 

We will strive to increase domestic demand, boost domestic economic flows, and strengthen domestic foundations for high-quality development. We will stimulate potential consumption, increase profitable investments, and create a virtuous cycle between consumption and investment. We will cultivate and expand new types of consumption, endeavor to develop digital, green, and healthy consumption, and foster new consumption growth points. We will expand traditional areas of consumption and boost consumption of major consumer goods such as new energy vehicles and electronic products. We will develop a distribution system for both domestic and foreign trade, in order to strengthen foreign trade while enhancing the synergy between domestic and foreign trade, as well as promote links between domestic and foreign markets in areas including intellectual property rights, quality assurance, inspection and testing, and certification and accreditation. We will improve investment and financing mechanisms, leverage the driving and augmenting role of government investment, implement new mechanisms to foster cooperation between government and private investment, and support private investment in new infrastructure and other areas of development. We shall continue to unleash the potential of China's central and western regions, dismantle regional blockades and monopolies to create a unified national market, and help inland regions to better utilize international markets and resources. We will deepen supply-side structural reform, boost domestic supply capabilities for key raw materials and core technologies, make our supply structure better respond and adapt to changes in demand, and strengthen our ability to chart the course of our opening up.

Moreover, we will expand high-standard opening up by raising the quality and level of our participation in the global economy and creating international conditions conducive to high-quality development. We will also cultivate new drivers and consolidate the fundamentals of foreign trade. We shall avail ourselves of the advantages presented by our vast domestic market to attract high-end factors, such as high-technology and high-caliber talent, and bolster our global resource allocation capabilities. We will improve links between the domestic and international markets and demand as well as strengthen connections and interplay between domestic and international economic flows, so as to form a positive cycle in which external factors promote domestic development and domestic demand promotes foreign trade. We shall assist with the implementation of the eight steps for supporting the high-quality development of the BRI and ensure both major signature projects and small, yet effective, wellbeing projects are carried out. We need to improve global industrial chains, use innovation to foster and develop high-end industries, and support production factors, supply chains, and international spaces for development to ensure that China's economy continues to move toward high-quality development. 

Editor: Jiang Wenyan