China’s mega-scale market has become a significant engine of the world economy. The contribution rate of its economic growth to the world has averaged more than 30 percent during the past seven years, ranking first in the world. According to Kristalina Georgieva, managing director of the International Monetary Fund, the Chinese economy has always been a momentous driving force for global growth, and its sound and steady development is of great importance to the world.
During the eight-day National Day and Mid-Autumn Festival holidays in early October, some 637 million people traveled within the country, and movie box office takings totaled nearly RMB 4 billion. Besides, sales of offshore duty-free shops in south China’s island province of Hainan reached RMB 1.04 billion, a year-on-year increase of 148.7 percent. These demonstrate China’s huge consumption and market potential.
It is China’s new strategic decision-making to accelerate the establishment of a “dual circulation” economic development pattern that takes domestic market as the mainstay, while domestic and international markets boost each other. The mutual promotion of domestic and foreign markets means that China will be more closely connected with the world economy, and the country will provide more market opportunities for other countries and at the same time also attract international commodities and production factors.
By developing a dual circulation paradigm for development, domestic and foreign markets can be better connected and utilized to realize robust and sustainable development, Chinese President Xi told a symposium of entrepreneurs in July, adding that making the domestic market the cornerstone does not mean China is developing its economy with its doors closed.