As China's leaders get ready to release their national development plan for the next five years, some government advisors emphasize the priority is building up China's domestic strength.
Chinese authorities have stepped up their efforts to shift the economy from one reliant on exports to one driven by domestic consumption. The country faces the shock of the coronavirus pandemic to global growth this year as well as tensions with the U.S. The U.S. has been China's top trade partner.
"China's economy needs to continue to develop. If exports decline , then they will be consumed domestically," Justin Yifu Lin, a counsellor to China's top executive body, the State Council, said at a briefing with reporters Tuesday. That's according to a CNBC translation of his Mandarin-language remarks.
In the same way, U.S. pressure on Chinese companies such as Huawei mean these businesses must also look more at the Chinese market, Lin said. He is also honorary dean of the National School of Development at Peking University, and formerly the chief economist of the World Bank.— that has emerged as leaders deliberate on the next five-year development plan set to kick off in 2021. The economic plan will be the 14th such roadmap for national priorities.
Lin and two other government advisors speaking to reporters on Tuesday emphasized how dual circulation and related policies are not a reaction to the shock of short-term factors like the coronavirus, but rather are part of China's trajectory toward resembling developed countries that rely more on their domestic markets.
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