Ever since China's top leadership floated the new economic development pattern of "dual circulation" in May, the market is abuzz with interpretations of how the model will work and its knock-on effects on the pandemic-rattled global economy.
At the Central Economic Work Conference held from December 10-12, 2019, General Secretary Xi Jinping stressed that we must work vigorously to boost the quality and effectiveness of our proactive fiscal policy while attaching greater emphasis to structural adjustment.
China has suspended its large-scale monetary easing, as the economy is recovering, and shifted to innovative monetary measures to channel funds into weak sectors in a more targeted way, while guarding against financial risks, policy analysts said on Tuesday.
Tax and fee cuts policies that were expiring before June are extended to the end of this year, including the exemption of value-added tax (VAT) for public transport, catering and accommodation, tourism and entertainment sectors.
Global foreign direct investment (FDI) would fall below $1 trillion in 2020 for the first time since 2005 as a result of the COVID-19 pandemic, according to the World Investment Report 2020 released by United Nations Conference on Trade and Development (UNCTAD) on June 16.