'Dual-circulation' development paradigm key to 14th Five-Year Plan, president says

President Xi Jinping spoke on Jan 11 of the importance of implementing the new development philosophy and advancing the new development paradigm of "dual circulation" in the country's new development phase to ensure a good start for the 14th Five-Year Plan (2021-25) period.

Xi, who is also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, made the remark when addressing the opening of a study session at the Party School of the CPC Central Committee, attended by provincial and ministerial-level officials.

Xi called for ensuring a good start for fully building a modern socialist country, adding that the next three decades will be a new development phase during which the Chinese people achieve a tremendous transformation from standing up and growing rich to becoming strong under the Party's leadership.

To deal with unprecedented opportunities and challenges faced by China during the new phase, Xi urged the whole Party to remain modest and prudent and make all-out efforts to realize set goals with perseverance.

"The world is undergoing profound changes unseen in a century, but time and situation are in our favor," Xi said.

Calling a smooth economic circulation crucial for fostering the new development paradigm in which the domestic market is the mainstay and the domestic and foreign markets complement each other, Xi called for efforts to deepen supply-side structural reform, promote independent innovation, expand domestic demand and further open up to the outside world.

By Mo Jingxi