Xi Jinping said China will have to build reliable domestic production and supply chain
"We shouldn't and couldn't simply repeat the previous model, but should strive to shape new industrial chain," Xi Jinping said
Beijing: President Xi Jinping said on Saturday that China can no longer rely on its previous economic development model of depending on global exports and must build self-controlled, safe and reliable domestic production and supply system to ensure industrial and national security.
The just-concluded plenary session of the ruling Communist Party of China (CPC), headed by Xi, adopted his proposals to make the 14th Five-Year Plan (2021-2025).
While the 14th five-year plan envisages a massive overhaul of the country's domestic market to boost consumption in order to reduce China's reliance on shrinking exports markets, the Vision 2035 visualizes a long-term plan, reflecting the development vision of Xi.
Politically, Xi's Vision 2035 plan has sparked speculation that he could continue in power for the next 15 years.
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Update #1: Xi leads efforts to draw China's new development blueprint (CGTN)
Update #2: Xinhua Headlines: China's new roadmap promotes own development, propels global growth (Xinhuanet)
WNU Editor: This is big news, and ignored completely in the West. President Xi is envisaging a massive overhaul of the country's domestic market to boost consumption in order to reduce China's reliance on shrinking exports markets.
He is reading the tea leaves. China's exports are not going to grow as much as expected. Time to look inward and boost the domestic market. But to accomplish this I sense President Xi is going to do something that I thought he would never do. Liberalize the economy and limit Beijing's participation to oversight. This is something that China's provinces have been clamoring for decades, and it looks like President Xi has just given them what they have always wanted. What will not change will be China's barriers and tariffs against imports (no surprises there). Many details are still not known, The next few months/year are going to critical. If this is the direction that China is going, we will know soon enough. But if this is the direction that China is going .... WOW! China's GDP numbers are going to explode.
