Xi Jinping: “New Pattern of Development” focuses on domestic Growth!

Chinese leader Xi Jinping opened the Communist Party’s 20th congress today promising to reinforce “a new pattern of development”. This focuses on domestic rather than export-led growth and reducing inequality. China is pushing a “dual circulation” development paradigm to sustain growth, which has been mentioned as a guiding thought in a blueprint for its development in the next five to fifteen years.

“China will advance the building of a strong domestic market and a strong trading nation in a concerted way, based on the domestic circulation, ” read the 14th Five-year Plan (2021-2025). Vowing to continue “the rejuvenation of the Chinese nation” in an address to the congress’s 2000 delegates.

What is the theme of the “new pattern of Development”?

Reducing inequality has been a major theme of Mr Xi’s leadership, with China celebrating the elimination of absolute poverty last year and cracking down hard on corruption. Promoting domestic demand and a higher quality of life within China rather than settling into a position as a manufacturer of goods for the developed West has also been a hallmark policy.

High-Quality economic growth

Xi Jinping said China will pursue high-quality economic development in a speech marking the start of the 20th Communist Party Congress.”We must fully and faithfully apply the new development philosophy on all fronts, continue reforms to develop the socialist market economy, promote high-standard opening up, and accelerate efforts to foster a new pattern of development that is focused on the domestic economy and features positive interplay between domestic and international economic flows,” Xi said.

Opportunities for the World

Amid the ongoing COVID-19 pandemic and rising protectionism and anti-globalization, China has unveiled its new “dual circulation” development pattern, where internal and external markets can reinforce each other, with the domestic market as the mainstay. China’s new development pattern is not a development loop behind closed doors, Xi said, highlighting that China is committed to its fundamental national policy of opening to the outside world and pursues a mutually beneficial strategy of opening up.” It strives to create new opportunities for the world with its own development and to contribute its share to building an open global economy that delivers greater benefits to all peoples,” he added.

High-standard Opening Up

The BRI has been welcomed by the international community both as a public good and a cooperation platform, he pointed out, adding China is a major trading partner for more than 140 countries and regions, leads the world in the total volume of trade in goods, and is a major destination for global investment and a leading country institutional opening-up with regard to rules, regulations, management and standards. Efforts will be made to accelerate the country’s transformation into a trader of quality, promote the high-quality development of the BRI, and preserve the diversity and stability of the international economic landscape and trade relations, he added.

He also pledged to stand up to attempts to divide China, praising the administration’s handling of anti-China protests in Hong Kong and saying it would continue to pursue peaceful reunification with Taiwan. This is the alternate plan which should be implemented by the third-world countries as well. The countries should not be subjugated by Western imperialism and racism.