Dual circulation at heart of economic strategy

By ZHOU LANXU and CHENG YU | CHINA DAILY | Updated: 2021-03-05 09:03
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People visit an international auto show held in Beijing in August, 2020. [Photo/Xinhua]

The two sessions will deliberate on the plan for the next five years, but the cornerstone of growth is already in place

Editor's Note: During this year's two sessions-the annual meetings of the National People's Congress and the National Committee of the Chinese People's Political Consultative Conference-China Daily will publish a series of stories focusing on the achievements the country made in various fields during the 13th Five-Year Plan (2016-20). They show how the country met its development goals in different fields in the face of numerous challenges.

While China focuses on the two sessions, the country's most important policymaking platform, other countries are looking at how the world's second-largest economy plans to overcome mounting challenges and maintain sustainable growth.

The COVID-19 pandemic has plunged the global economy into deep recession with rising trade protectionism, which could hinder external demand for Chinese products. Lingering tensions with the United States have added another layer of uncertainty.

Domestically, China's aging population could mean shrinking savings and higher labor costs in the future. The room for stimulating old sectors of the economy such as real estate and transportation infrastructure has narrowed, while growth of new areas is not developed enough to fully replace them.

The annual meetings of the National People's Congress, the top legislature, and the National Committee of the Chinese People's Political Consultative Conference, the top political advisory body, will come out with China's vision to tackle the challenges in the form of the 14th Five-Year Plan (2021-25). The plan will be the blueprint for China's social and economic development for the next five years and start the country's journey to fully build a modern socialist country.

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