China is making significant strides in its economic development, with a focus on smoothing the domestic circulation as one of the key observations of the country’s high-quality economic growth in 2023. This development is in line with the spirit of the 20th National Congress of the Communist Party of China, which emphasized the need to accelerate the construction of a new development pattern and enhance the endogenous power and reliability of the domestic cycle.
Under the guidance of President Xi Jinping’s economic thoughts, China’s economy has shifted its focus to the domestic market, using its own development as a hedge against external uncertainties. The goal is to build a new development pattern and forge a strong and resilient national economic cycle system. This approach has effectively supported the continued recovery of the economy and propelled it towards high-quality development.
The country’s efforts to expand domestic demand and enhance its endogenous power have resulted in a series of tangible outcomes. For instance, the country’s express delivery volume has exceeded 10 billion pieces in a single month, with the average monthly business income surpassing 90 billion yuan. This reflects the continued recovery of consumption and the economy as a whole. Additionally, measures to stimulate private investment, boost bulk consumption, and issue preferential tax policies have all contributed to enhancing the endogenous power of the domestic cycle.
Furthermore, the domestic and international dual-cycle benign interactions are accelerating, with the annual intended transaction volume of the 6th China International Import Expo reaching a record high of 78.41 billion U.S. dollars. Similarly, China-Europe freight trains have operated a total of 81,000 trains, covering more than 700 million kilometers. These numbers reflect the attractiveness of China’s economy and its potential to remain an important engine for global economic growth in the future.
This shift towards a strong and resilient national economic cycle system has also resulted in positive developments at the local level. For example, in Wudi County, buses that were once unsatisfactory and could not run far are now becoming a vital link for goods entering and exiting villages and towns. Modern home appliances and agricultural products are being transported to various locations, showcasing the impact of building a new development pattern and improving domestic circulation.
The focus on expanding domestic demand has also led to the restoration and expansion of consumption, with tourists flocking to themed districts and international trade cities. The implementation of tax policies and the promotion of international consumption center cities have further bolstered domestic consumption, highlighting the success of China’s efforts to enhance the endogenous power of its domestic cycle.
As China continues to prioritize the construction of a new development pattern and enhance the endogenous power of its domestic cycle, the country’s economic growth remains on track, with predictions from international institutions suggesting that China can achieve its expected economic growth target of 5%. With a resilient and robust national economic circulation system, China is well-positioned to drive high-quality economic development in the years to come.