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  • A general view of the Bund in Shanghai, China, 24 August 2020.

    A general view of the Bund in Shanghai, China, 24 August 2020. | Photo: EFE

Published 25 August 2020
Opinion

President Xi said his country must "seize the business opportunities" that are opening up.

China’s President Xi Jinping Monday said that his country will face the "turbulent changes" marked by the "increased risks abroad" through an economic growth model based on the strengthening of domestic consumption.

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During a symposium on the five-year economic plan that the Chinese Communist Party (CCP) will unveil in 2021, Xi assured that his country must prepare for the challenge posed by the "increasing headwinds in the foreign environment."

"The internal market will dominate the national economic cycle," he said, adding that policies must seek complementation between domestic macroeconomic processes and international dynamics.

Xi added that the COVID-19 pandemic is speeding up changes "not seen in a century" and that China must "seize the business opportunities" that are opening up.

To achieve this as soon as possible, the growth model will strengthen independent scientific and technological innovation and investments in essential technologies.

All the above will be accompanied by proactive economic diplomacy that will seek to generate closer ties with all countries, which means that the Asian nation will keep its markets open.

Chinese growth planning occurs amid President Donald Trump’s trade war against the Asian nation. On Tuesday, however, Washington and Beijing agreed to go ahead with implementing the partial trade agreement that both countries reached earlier this year.

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