Xi stresses dual-cycle development for deepening overall reform

Chinese President Xi Jinping underlined the importance of promoting a dual-cycle development pattern relying on both domestic and international economic cycles, with the domestic cycle being the mainstay at an important meeting for deepening China's overall reform on Tuesday.

Xi, also general secretary of the Communist Party of China (CPC) Central Committee and chairman of the Central Military Commission, emphasized that accelerating the formation of a new development pattern is a strategic decision made in accordance with China's development stage, environment and conditions.

Xi said the country will continue to make full use of the key strategy of reform to uphold and improve the system of socialism with Chinese characteristics, advance the modernization of China's system and capacity for governance, promote deeper reforms and implement a higher level of openness, providing a strong impetus for building a new development pattern.

At present, economic globalization is facing headwinds, and unilateralism and protectionism are on the rise. China must stand on the right side of history, keep opening up unswervingly, coordinate domestic and international economic development and comprehensively prevent risks and challenges, according to the meeting.

China will continue to promote the innovative development of foreign trade, implement new development concepts, focus on building a new development pattern, enhance supply-side structural reforms and technological innovation, further promote trade facilitation and optimize the foreign trade environment.

(Cover: Pudong District of Shanghai, east China. /CFP)