China should break through the bottleneck of core technology and achieve growth driven by innovation domestically, as the global economy is sluggish with huge uncertainties due to the COVID-19 pandemic, an expert said. 

"Technology innovation is a major strategic point for the 'dual circulation' development pattern in China," Zhu Min, head of the National Financial Research Institute at Tsinghua University and former deputy managing director of the International Monetary Fund, told CGTN. 

The dual circulation development pattern was first raised by Chinese President Xi Jinping in May. The term refers to China's strategic approach to international cooperation in which domestic circulation and international circulation will complement each other, with the domestic market as the mainstay.

Zhu predicts that the global economy in 2020 will contract 4.5-5 percent and global trade will plunge 15 percent. He believes China's dual circulation pattern will boost the healthy growth of the country's economy. 

"China should build a technological infrastructure hub, including big data, artificial intelligence, computing power, 5G and cloud, and on this basis, vigorously develop the industrial internet and ultimately achieve digitalization of the economy," Zhu said. 

He said another strategic point for the new development pattern is high-quality consumption, which requires improving the quality of domestic consumer goods, expanding opening up and introducing high-quality imports. 

"The new pattern also requires the free flow of various resources, such as commodity, information, talent and data between domestic market and the international market, and China can provide broad market opportunities for other countries," Zhu said. 

He said China's financial opening up has taken a milestone step in the past two years, and the country has basically opened up all market access now. 

"The world's top financial companies have started business in China, suggesting the market is attractive to foreign capitals," he said. 

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CGTN Explains: What does 'dual circulation' development pattern mean?