Chinese President Xi stresses efforts to spur establishment of new development pattern

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Chinese President Xi Jinping has stressed the efforts to accelerate establishment of a new pattern of development and enhance security and initiative of development.

Xi Jinping, who is also General Secretary of the Communist Party of China (CPC) Central Committee, made the remarks while attending the second group study session of the Political Bureau of the 20th CPC Central Committee, according to Xinhua News Agency.

He said accelerating the establishment of a new pattern of development was a strategic decision to realize the Second Centenary Goal and ensure both development and security, as well as a strategic plan to seize the initiative of future development.

Only by accelerating the establishment of a new pattern of development could China consolidate the foundation for its economy and enhance the security and stability of its development, he added.

“And only by doing so can China enhance its strength to survive, compete, develop and sustain itself amid all sorts of storms and high winds to ensure that the process of the great rejuvenation of the Chinese nation will not be delayed or interrupted and that the goal of building China into a great modern socialist country, will be realized,” he said.

“Despite some progress in fostering a new pattern of development, there is still a long way to go before its full establishment,” Xi said, calling for adopting a problem-oriented approach and applying systems thinking to tackle major problems, deepen reform, and advance innovation.

A good job must be done in coordinating domestic demand expansion and supply-side structural reform to strike a more desirable dynamic balance between supply and demand and achieve a virtuous cycle of economic development, he said.

Xi stressed fostering an integrated domestic demand system that focused on expanding consumption desire, backed by income, demand for investment with reasonable returns, and demand for financing with principal and debt constraints.

He said China would also work to establish and improve long-term mechanisms for expanding consumer spending, improve mechanisms that help expand investment and continue to deepen supply-side structural reform.

Xi also called for greater effort to accelerate building the country’s self-reliance and strength in science and technology and boost its strategic strength to make the country a global pacesetter in key scientific and technological fields.

Xi said the new development pattern should be based on the modern industrial system and that smooth economic operation required orderly and effective inter-connectivity among industries.

He added that the country would continue to keep economic development focused on the real economy and take concrete steps to advance new industrialization.

Efforts would also be made to support enterprises’ full participation in the global industrial division of labor and cooperation, promote deeper integration of domestic and foreign industries and build a modern industrial system that is independent, controllable, safe, reliable and highly competitive, Xi said.

He noted that to expand domestic circulation, China should advance the coordinated development of urban and rural areas and different regions.

The country should give full play to rural areas as a market of consumption and production factors while promoting rural revitalization and developing a unified national market, he said.

Impetus and vitality will be injected into the “dual circulation” of domestic and international markets through continued reform and opening-up, Xi said, adding China will improve mechanisms regarding intellectual property rights protection, market access and fair competition to nurture a favorable environment for all types of market entities.

Aimed at a high-level opening-up, especially on institutional fronts, the country will also contribute to the high-quality development of the Belt and Road Initiative and actively participate in negotiations of global economic and trade rules to help establish an open, diverse and stable world economic order, Xi said.