Leading economist praises country’s dual-circulation strategy

WASHINGTON — China’s new development paradigm is the right decision, said renowned economist and bestselling author Jeffrey Sachs.

“The government program is correct to speak of a balanced approach in which ‘domestic and foreign markets reinforce each other’. This is a correct posture,” Sachs, director of the Center for Sustainable Development at Columbia University, told Xinhua News Agency.

“China needs to continue its opening to the world, including important programs like the Belt and Road Initiative, while also promoting domestic-based growth to improve people’s livelihoods and living conditions,” said Sachs, who is also a senior United Nations adviser.

His remarks came after the Chinese authorities set economic priorities for next year during the key Central Economic Work Conference held from Dec 16 to Dec 18 in Beijing.

In 2021, the country will take a solid first step in building the new development paradigm in which domestic and foreign markets reinforce each other, with the domestic market as the mainstay.

Sachs said that China has succeeded in suppressing COVID-19 and restoring economic growth, which is “a remarkable achievement”.

“Indeed, it met the national goal of ending extreme poverty in 2020 despite the pandemic,” he added.

The economist said that in 2021, he hopes that China will contribute globally to ending the pandemic by making safe and effective vaccines available to developing countries, and by supporting countries with testing equipment, personal protective equipment and other needs.

The economist noted that the way forward for all countries is through a “green and digital economy”, deploying 5G, renewable energy, electric vehicles, artificial intelligence and e-services in the interest of environmental sustainability, social inclusion and improved living conditions.

“China is well-placed to help lead that effort,” Sachs said. “China’s advances in green and digital technologies are beneficial not only for China but for the whole world, such as the deep reductions in the costs of renewable energy and 5G,” he said.