The 20th National Congress of the Communist Party of China has proposed that ‘promoting high-quality development’ is the direction of future national economic development. First, they will stick to the theme of promoting high-quality development, organically introduce the strategy of expanding domestic demand with further supply-side structural reforms, enhance the power and reliability of the internal domestic cycle of trade, improve the quality and volume of the international cycle of trade, accelerate the construction of a modern economic system. They will focus on improving total factor productivity (productive efficiency), focus on improving the resilience and security of industrial supply chains, focus on promoting urban-rural integration with regional coordinated development, and promote the effective improvement of the economy in quality alongside a reasonable growth rate in quantity. Secondly, they will accelerate the construction of a new development framework, firmly grasp the development initiative, by appropriately and completely adopt the new development concept. They will stick to the path of socialist market economic reforms, stick to increased opening of the market to the outside world, and move towards the construction of a new development framework with the domestic cycle of trade being central but engaging with the international cycle of trade so that one promotes the other. New drivers for growth and new economic advantages need to be continually shaped. Science and technology must be the primary productive force with skills as the primary resource. We will continue to shape the development of our own momentum with our own new advantages.
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