Chen Wenjun:

Due to the time limit, we will take one final question.

Phoenix TV:

My question is regarding the new development paradigm. General Secretary Xi Jinping proposed that we should understand the new development stage, apply the new development philosophy and foster a new development paradigm. How could we grasp the implications and features of the new development pattern? What impact will the new development pattern have on the economy of China and the world at large? Thank you.

Han Wenxiu:

Fostering a new development paradigm with domestic circulation as the mainstay and domestic and international circulations reinforcing each other is a major strategic decision made by the CPC Central Committee with Comrade Xi Jinping at its core, after comprehensively considering the domestic and international contexts and looking to the future. At present, China is leading the world in pandemic prevention and control as well as economic and social recovery. China was the only major economy to register positive growth in 2020 and will enjoy even higher growth recovery this year, which will further consolidate and expand the country's achievements in pandemic prevention and control and socioeconomic development. This shows that the strategic decision to build a new development pattern is highly targeted, foresighted, pioneering and entirely correct. Its huge significance and influence will be further revealed in the future development and practices.

In fact, a lot has been said about the implications and features of the new development paradigm. Here I'd like to stress a few points.

First, the new development paradigm is not about pursuing closed-door domestic circulation, but open domestic and international circulations. Domestic circulation is the basic foothold for China to sustain healthy economic growth and ensure economic security. However, this doesn't mean giving up the international division of labor and cooperation. Instead, we will pursue higher-level opening-up that is deeper, more wide-ranging and covers more sectors, expand institutional opening-up that covers rules, standards, etc., and attract global high-end talent, knowledge, technologies and management experience to improve the quality and efficiency of domestic circulation through international circulation.

Second, the new development paradigm not only focuses on demand-side management, but takes supply-side structural reform as the main task. The principal contradiction facing China's economy lies on the supply side and we need to keep improving both supply and demand. While continuously expanding domestic demand, we will strive to build high-quality and high-efficiency industrial, supply and innovation chains, make supply better adapt to demand, remove the chokepoints in economic circulation, and upgrade the quality and level of the supply system.

Third, the new development paradigm is not a small, local or individual circulation, but a large circulation of the national economic system. Various regions, industries and market entities, including state-owned enterprises, private and foreign-invested businesses, need to find their places in the new development pattern and give play to their comparative strengths. Instead of pursuing "small and all-inclusive" circulations of their own, they should strive to improve the connectivity in the domestic market, and speed up the establishment of a unified national market where all kinds of market players can enjoy fair competition.

Formulating a new development paradigm is a systematic program involving a long-term process. Domestically, it will ensure China's development is more resilient, expand the country's development space, support high-quality economic growth, promote a high-quality life for the people, and advance the comprehensive building of a modern socialist country. Internationally, a new development pattern will provide broader market space and cooperation opportunities for all countries, and add impetus and support to the steady recovery and sustained growth of the global economy. It is fair to say that facing the profound and complex changes of the international environment, cultivating a new development pattern is China's solution and contribution to deepening economic globalization and realizing the common prosperity of all countries.

Thank you.

Chen Wenjun:

Thank you to all the speakers. The second press conference held by the Press Center for the Celebration of the 100th Anniversary of the Founding of the Communist Party of China is hereby concluded. Thank you for your attendance.

Translated and edited by Wang Qian, Wang Yiming, Yang Xi, Zhou Jing, Duan Yaying, Yuan Fang, Cui Can, Wang Wei, Zhang Liying, Li Huiru, Liu Qiang, Zhang Rui, Zhu Bochen, Zhang Junmian, Xu Xiaoxuan, Chen Xia, David Ball, Jay Birbeck, and Tom Arnstein. In case of any discrepancy between the English and Chinese texts, the Chinese version is deemed to prevail.