In a forthcoming study, we shall outline the reasons why the Chinese Communist Party- State Dictatorship must and will turn to autarky and imperialist expansion.
- Chinese president speaks hours after U.S. vote, Ant fallout
Chinese President Xi Jinping tried to re-assure international businesses that the nation is committed to open trade, amid concerns that the new ‘dual circulation’ strategy will mean the world’s second-largest economy is set to become more insular.
China’s new development structure is “definitely not a closed domestic circulation, but a more open dual circulation between overseas and domestic markets,” Xi said at the opening of the China International Import Expo on Wednesday in Shanghai. The strategy won’t only address China’s own demand for growth, “but will also bring benefits to all countries around the world.”
Xi speech was closely watched, given the backdrop of the U.S. election result and the shock withdrawal of what would’ve been the world’s biggest stock-market debut, the listing of financial technology giant Ant Group Co. in Shanghai and Hong Kong.
He didn’t mention either of those events, sticking instead to broad commitments to economic opening at a time when Beijing’s growth model faces increasing challenges from the U.S. The trade expo comes less than a week after the ruling Communist Party laid out development blueprints stretching until 2035 that stressed the importance of self-reliance in technology and boosting the domestic market.
Five Year Plans
China's economy has experienced much upheaval since the first plan started in 1953
Source: Data compiled by Bloomberg
Xi’s speech on Wednesday evening in Asia took place hours after polls closed in the U.S. With relations with Washington continuing to worsen this year due to the pandemic and other factors, Xi delivered a veiled swipe at the U.S.