China will continue to cut its tariffs and expand imports of high-quality goods and services, President Xi Jinping said today, while promising reforms and promote an innovation-driven growth model. China will pursue higher quality growth through its “dual circulation” development model, driven by technological innovation, Xi said. “Our new development pattern is not a closed domestic single circulation, but an open and mutually promoting domestic and international dual circulation,” Xi said. The “dual circulation” strategy envisages that China’s next phase of development will depend mainly on “domestic circulation” or an internal cycle of production, distribution and consumption, backed by domestic technological innovation. Xi also said China will sign free trade pacts with more countries and will promote a high-quality Belt and Road initiative.

Source: The Standard November 19, 2020 04:52 UTC