SHANGHAI, Dec 26 (Reuters) – China’s trade ministry will push its “double-circulation” strategy next year by boosting spending and developing a strong domestic market, it said Saturday after an annual ministerial conference held this year via video.
China’s “double circulation” strategy, first launched in May, emphasizes the “inner circulation” cycle of production, circulation and consumption, supported by innovation and economic renewal, to stimulate the next stage of economic development.
It aims to reduce China’s dependence on overseas markets and technology in the long run, an approach that has received further impetus due to trade tensions with the United States.
In a statement on its website, the trade ministry said it would implement supply-side reforms, encourage consumption, expand domestic demand and create a strong domestic market to “encourage a smooth internal circulation”.
They said they would continue to open up to the wider world to a wider and deeper level, make full use of domestic and international markets and facilities, and promote the development of foreign and domestic demand. , import and export, and overseas investment.
He did not provide details of the proposed measures. (Reporting by Emily Chow and Fang Wu Editing by David Holmes)