China Daily Global Edition (USA)

New strategy to create ‘promising market’

- By OUYANG SHIJIA in Boao, Hainan ouyangshij­ Zheng Yiran contribute­d to this story.

China is dedicated to opening its economy wider under the new dual-circulatio­n developmen­t paradigm, with a key focus on building an open market and expanding institutio­nal opening-up, while boosting innovation-driven developmen­t, experts said on Wednesday.

“China is set to become the world’s largest and most promising market in the near future,” said Zeng Peiyan, former vice-premier of China. “During the 14th Five-Year Plan period (2021-25), China will enter a new stage of pursing high-quality developmen­t driven by innovation and reforms.”

Zeng told the Boao Forum for Asia Annual Conference 2021 that the new developmen­t pattern will fully unleash the potential of the domestic market. This will offer huge growth opportunit­ies for all global stakeholde­rs and create a vast market space to promote the global economic recovery.

Under the new developmen­t pattern, China will build a modern economic and governance system, enhance intellectu­al rights protection­s and create a market-oriented, law-based, and internatio­nalized business environmen­t, said Zeng.

“China will continue to promote opening-up based on the flow of goods and production factors and give greater emphasis to opening-up based on rules and related institutio­ns, which will help China get better integrated into the global industrial and supply chain,” he said.

Experts said while the new developmen­t strategy focuses more on expanding domestic markets, it does not mean the country will rely less on global integratio­n.

Peng Sen, president of the China Society of Economic Reform, stressed that dual-circulatio­n does not mean seclusion, but instead emphasizes further opening-up of the economy and actively participat­ing in global governance, developmen­t and internatio­nal circulatio­n.

Zhu Min, an economist with Tsinghua University, said further opening-up is key to innovation­driven and high-quality developmen­t in the nation.

Several internatio­nal firms said that intensifie­d opening-up measures in the next five years will create several growth and investment opportunit­ies in the nation, especially due to the huge growth potential of the domestic market.

“China exhibited strong resilience and solid growth despite COVID-19. It is the only major economy that recorded positive economic growth last year. We believe China’s economy will remain robust and continue to lead global growth,” said Juergen Schmitz, chief executive officer of Ergo China, a unit of German insurance firm Ergo.

Sean Shan, president of Takeda China, said the country’s further opening-up will facilitate the upgrading of innovation capabiliti­es in the biopharmac­eutical industry and address the unmet needs of Chinese patients.

“We feel the local operating environmen­t is favorable toward rewarding innovation. Progress has been made, particular­ly in our industry, to advance regulatory reform in China which supports innovative companies, both local and foreign,” Shan said. “These (supportive) measures will also help sustain the growth of our business by accelerati­ng and rewarding innovation, which is an opportunit­y for Takeda as we are set to launch more than 15 innovative medicines and future Wave 1 assets over the next five years.”

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