China Pivots to Domestic Economy as Pillar of Continued Growth

China’s economic pivot to make the domestic economy the pillar of continued growth, introduced by President Xi Jinping back in May under the rubric of “dual circulation,” was elevated into a strategic long-term goal at a Sept. 2 Central Committee meeting presided over by Xi Jinping. Xinhua reported that “President Xi Jinping stressed that accelerating the establishment of a new development pattern featuring dual circulation, which takes the domestic market as the mainstay and allows domestic and foreign markets boost each other, is a systematic deep-level reform concerning the overall situation of the country.” Xinhua added: “While calls to establish the new development pattern have been high on authorities’ agendas since it was first introduced in May, analysts say Tuesday’s meeting reaffirmed its critical role in the country’s long-term planning.”