The 29th 19th Central Committee's 5th Plenary Session Concludes... Socialist Modernization by 2035, Per Capita GDP at Upper-Middle-Income Level
[Asia Economy Reporter Lim Cheol-young] China has chosen a strategy of strengthening domestic demand and technological self-reliance in response to escalating US-China conflicts.
On the 29th, at the closing of the 5th Plenary Session of the 19th Central Committee of the Communist Party of China (19th 5th Plenum) held in Beijing, Chinese leadership adopted a dual circulation development strategy to further strengthen the domestic market in the 14th Five-Year Economic Plan for 2021-2025, according to Xinhua News Agency and others. The dual circulation strategy means developing the domestic economy to the fullest while maintaining connections with the global economy.
The Chinese leadership stated in a public communiqu?, "We will form a strong domestic market and establish a new development pattern," adding, "We will maintain the strategy of expanding domestic demand to create new demand."
The Chinese leadership also focused on technological independence. According to the communiqu?, "Scientific self-reliance and self-strengthening will be adopted as a national development strategy, and efforts will be accelerated to take the lead in science and technology."
Meanwhile, the long-term development strategy for 2035 sets the realization of socialist modernization, as declared by President Xi Jinping, as the fundamental goal. Through opening up to the outside world to build trust, China plans to expand the middle class and reduce the gap between urban and rural areas so that the per capita Gross Domestic Product (GDP) reaches the level of a moderately developed country.
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