China to use Yangtze River Delta development to showcase ‘dual circulation’ economic strategy
- President Xi Jinping says the region centred around Shanghai will be a model for the implementation of the government’s ‘dual circulation ‘strategy
- Xi announced the plan in May as a way of offsetting external shocks and uncertainty by focusing on developing China’s domestic economy
Chinese President Xi Jinping has vowed to use a development plan for the prosperous Yangtze River Delta region to showcase his “dual-circulation” strategy, which will focus on making the domestic economy more resilient while continuing to support exports.
In a speech last week, Xi highlighted the need to break down administrative barriers, enhance policy coordination and allow the easier flow of land, labour, entrepreneurship and capital in the region.
“The Yangtze River Delta must make full use of its advantages in talent, technologies, manufacturing capabilities, industrial chains and large market potential to actively explore the path to a new development pattern,” Xi said at a symposium in Hefei, the capital city of Anhui, on Thursday.
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“It needs to not only bring excellent products, but also supply high-level technologies to support the nation’s high-quality development.”