“To rely mainly on domestic circulation, we indeed face a very arduous task,” Yao Jingyuan, the former chief economist for the country’s National Bureau of Statistics, told a briefing.
China will need a plethora of reforms if it is to make a new economic strategy that relies mainly on domestic consumption work, advisers to the Chinese cabinet said on Tuesday.
President Xi Jinping has proposed a “dual circulation” strategy for the next phase of economic development in which China will rely predominantly on “domestic circulation”, to be supported by “international circulation”.
