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New Engines Will Sustain Growth Drive BUSINESS CHINA DAILY HONG KONG EDITION Tuesday, March 9, 2021 Two Sessions Openness to boost New engines trade, FDI, will sustain spending By ZHONG NAN [email protected] growth drive China will leverage high-level openness to promote the dual-cir- Internal, external opportunities to help culation development pattern, the nation in consolidating momentum which should not only help stimu- late domestic consumption but attract foreign resources, the coun- By CHEN JIA those still under negotiation.” try’s top commerce official said on [email protected] Lin said it is possible to achieve the Monday. “above 6 percent” growth target this While expanding domestic Commerce Minister Wang Wentao addresses reporters’ queries via video link on Monday in Beijing China will utilize internal and year, with possibility of the actual demand and ensuring the smooth during the ongoing two sessions. WANG JING / CHINA DAILY external opportunities to consoli- growth rate coming in at around 8 flow of the internal circulation — date economic growth momentum percent. the domestic cycle of production, in the medium to long term, with For China’s domestic develop- distribution and consumption — trade liberalization, Wang said. “The domestic market cannot be He said China should accelerate some new engines playing a key ment, in the next five years, 5G and China will continue to boost both While China is actively consider- separated from the global market the digital transformation of for- role, Justin Yifu Lin, a policy adviser other related infrastructure will be exports and imports, as well as ing to join the Comprehensive and and external circulation could eign trade to cultivate new business and senior economist, told China the key sectors to boost, said Lin. attract foreign direct investment, Progressive Agreement for Trans- boost domestic circulation. This is formats and better position its Daily in an interview. China will emphasize the coordinat- thereby strengthening its efforts for Pacific Partnership, or the CPTPP, a key factor of demand-side man- manufacturers in global supply In the next five years, China will ed development of regions, such as global cooperation, said Commerce in order to move forward with agement,” he said. chains. benefit from the international mar- the Yangtze River Delta region and Minister Wang Wentao. reform and opening-up across the Sun Yibiao, a member of the Digital trade includes products ket, which is part of the “external cir- the Beijing-Tianjin-Hebei region. The official said the dual-circula- board, the Ministry of Commerce 13th National Committee of the and services delivered in digital culation” under the new “Encouraging investment does not tion paradigm will be the center- has conducted a large amount of Chinese People’s Political Con- form, such as software and cloud development paradigm, Lin said. contradict with boosting of consump- piece of the overall effort and preliminary work and also estab- sultative Conference, said China computing, as well as forms of Products and technology arising tion. On the contrary, they have a pos- propel China toward sustainable lished informal contact with the should actively participate in dig- trade supported by digital technol- from China’s comparative advanta- itive correlation,” Lin said. It was and high-quality growth. parties concerned. ital technology-based trade activi- ogies, such as cross-border e-com- ges and investment will find their necessary to improve the quality and The new pattern has the domes- The CPTPP, which took effect on ties, the tax reform of digital merce, he said. way to overseas markets. efficiency of investment, which is still tic market as the mainstay of the Dec 30, 2018, is a trade agreement products and services under the The national political adviser At the same time, China will con- a key driver of economic growth. economy, while domestic and inter- among 11 countries: Australia, Bru- World Trade Organization rules, said these moves can reinforce tinue to increase imports, such as In the new five-year plan, China national markets support each oth- nei, Canada, Chile, Japan, Malaysia, as well as take part in the formu- the global layout of China’s natural and mineral resources from has outlined a series of projects er. Mexico, New Zealand, Peru, Singa- lation of related global rules. e-commerce platforms and manu- resource-rich countries, high-end which are under preparation. “If the He said China has been pushing pore and Vietnam. Their aggregate In addition to enhancing the pro- facturers, and build more over- equipment from advanced coun- economy shows signals of overheat- for the implementation of the GDP accounts for 13 percent of the tection of digital intellectual prop- seas warehouses, exhibition and tries as well as some labor-intensive ing, we can postpone the invest- Regional Comprehensive Eco- global economy. erty, China should start with the trade facilities, and service cen- products from other low-and mid- ment. Similarly, if the growth is nomic Partnership agreement. It is Since the Chinese economy has relatively easy-to-reach goals such ters to enhance their market pres- dle-income countries. In this slowing down, we can accelerate the also actively advancing negotia- been deeply integrated into the as the exploration of digital certifi- ence. respect, developing pilot free trade projects to stabilize growth.” tions for a tripartite free trade world economy, with more inter- cates, and the protection of con- Thanks to its pillar role in sup- zones will reduce tariffs in certain Lin said when the economic agreement involving Japan and twined interests than ever before, sumer rights and interests to porting the global industrial areas, with a “negative list” indicat- growth faces headwinds, it would be South Korea. Besides, the country demand-side management is promote the negotiation of new chain, China’s foreign trade ing the available fields for foreign better to increase investment in has been actively joining various another practical solution to stabi- digital trade rules within regions, soared by 32.2 percent on a yearly investment, he said. qualified infrastructure projects. free trade agreements and invest- lize foreign trade and foreign including economies involved in basis to 5.44 trillion yuan ($837.3 The draft of the 14th Five-Year Plan “I call it a new proactive fiscal poli- ment agreements. investment, said Zhang Yongjun, a the Belt and Road Initiative, said billion) in the first two months of (2021-25) and the country’s develop- cy framework which goes beyond All these efforts have helped researcher at the Beijing-based Chi- Sun, who is also former vice-minis- the year, according to latest data ment objectives through 2035 says the Keynesianism. Generally there form a network of free trade zones, na Center for International Eco- ter of the General Administration from the General Administration that China plans to further open its are no concerns about bubbles facilitating a high level of global nomic Exchanges. of Customs. of Customs. economy. As a member of the Stand- developing during the investment ing Committee of the 13th National process, except in some individual Committee of the Chinese People’s cases. So we need to plan well in a Political Consultative Conference, Lin five-year or even longer term, to was part of a special committee ensure there is a reservoir of good Minister: Impetus for high-quality manufacturing involved in drafting the plan. projects for investment.” The plan aims to promote deeper In face of sanctions that some By MA SI and ZHONG NAN ucts and services. further improved and strength- ments in recent years, it still faces the integration with the global market, countries impose on products from The proportion of the manufac- ened,” Xiao said. challenge of being big but not strong, which requires China to participate China, Lin reiterated that “the most China will make efforts to stabi- turing industry in China’s GDP has According to Xiao, it takes a long he said, adding many fundamental in various regional economic cooper- important thing is to do our own jobs lize the proportion of the manufac- gradually declined since 2015. But time to maintain a stable propor- capabilities of are still weak and key ation mechanisms, including the well”, and products of high quality turing sector in its GDP, and ensure the bigger background is a continu- tion of the manufacturing industry, core technologies are restricted by Regional Comprehensive Economic and low price will always be competi- that the sector can be relied upon in ous increase of China’s economic and more measures are necessary other economies. Partnership and the Belt and Road tive. critical times, the top industry reg- aggregate, and the nation always to attract capital and talent to the A notable decline of manufactur- Initiative, which are “the best ways to “No matter where to develop pro- ulator said on Monday. attaches high importance to the sector. ing business in China’s GDP will increase China’s imports and duction, in which country or region, Xiao Yaqing, minister of indus- development of manufacturing, Miao Wei, deputy director of the not only drag down the current eco- inbound foreign direct investment as it should follow the theory of compar- try and information technology, Xiao said on the sidelines of the Economic Affairs Committee of the nomic growth and affect urban well as make Chinese products, tech- ative advantage,” Lin said. A compar- said more efforts will be made to ongoing
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