Chinese President Xi Jinping said that China will continue to open its vast consumer market to the world in a keynote speech via video at the opening ceremony of the third China International Import Expo (CIIE) on Wednesday.

China has been promoting a Double Development Dynamic (DDD), also known as "dual circulation" development pattern since May, as it enters a new stage of development.

The strategy indicates an economic development pattern that takes domestic development as the mainstay, with domestic and international development reinforcing each other.

"(The pattern) is by no means a closed loop; instead, it's a more open circulation between the domestic and international sectors," Xi elaborated.

China's vast domestic market is set to inspire a steady potential for innovation as the country's middle income group consists of 400 million people. The accumulated value of import is expected to exceed $22 trillion in the next 10 years, said Xi.

In his speech, he noted that the COVID-19 pandemic is a major test for every nation, but thanks to the successful epidemic control, the Chinese economy has stabilized and is on track not only for growth, but is also giving a boost to the global economic recovery. The Chinese economy expanded in the first three quarters of 2020, with foreign trade achieving a positive growth of 0.7 percent.

"China will continue building a moderately prosperous society in all respects, and is about to achieve the goal of eradicating poverty," said Xi.

He added that China will start a new journey in 2021 toward fully building a modern socialist country. The Communist Party of China Central Committee has made proposals mapping out the 14th Five-Year Plan for National Economic and Social Development over the coming five years.

(Cover via CFP)