MNI POLICY: China Touts Xi's ‘Dual Circulation’ as Strategy

The Chinese Communist Party's official newspaper has endorsed Chairman Xi Jinping's "Dual Circulation" development model, seeking to present it as a strategic guidance for China's long-term growth.

In Friday's overseas edition, the People's Daily said the new slogan is a response to new developments and complex changes in China's internal and external environment, denying that China has been forced to shift toward internal consumption as the main economic driver.

China must insist on supply-side structural reform and make production, allocation, distribution and consumption more based on domestic markets, the People's Daily said. Supply systems should be more appropriate to generate demand from China's 1.4 billion people, 900 million strong labor force, 400 million middle-income earners and 100 million market entities.

China should also drastically improve its self-innovation capabilities to tackle core technological challenges, the Daily said. It should also keep its door open to better connect with global markets and resources.