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New Era for Development

China Report December 16, 2020

By NewsChina Updated Mar.1

The 14th Five-Year Plan, which steers China’s economy from 2021 to 2025, aims to strengthen the market’s role in allocating resources, boost domestic consumption and bolster innovation and green growth. It is a period for China to accelerate the pace of high-quality development. Increased domestic demand will be crucial to resist external shocks at a time when the Covid-19 pandemic is still impacting the already flagging international trade. China will stick to the “dual circulation” development pattern centered on the domestic economy while continuing to integrate with the outside world. This high-level opening-up is expected to inject new impetus for China to build a more transparent and law-abiding domestic market with an improved business environment. Analysts argued that dual circulation development is based on the high level of opening-up which when combined, will contribute to global economic recovery.