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Xi Jinping says China can no longer rely on previous model of depending on global exports

File photo of Chinese President Xi Jinping | Bloomberg

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Beijing: President Xi Jinping said on Saturday that China can no longer build on its previous economic development model, which was to depend on global exports, and must build a self-controlled, safe and reliable domestic production and supply system for ensure industrial and national security.

The recently concluded plenary session of the ruling Communist Party of China (CPC), led by Xi, adopted his proposals for formulating the 14th five-year plan (2021-2025) for national and long-term economic and social development. Goals through the year 2035.

As the 14th Five-Year Plan envisions a massive overhaul of the country’s domestic market to boost consumption to reduce China’s dependence on shrinking export markets, Vision 2035 envisions a long-term plan, reflecting Xi’s development vision.

Politically, Xi’s Vision 2035 plan has sparked speculation that he could stay in power for the next 15 years.

Xi, 67, became the most powerful leader of the CCP after its founder Mao Zedong, serving as the CCP’s secretary general, army chief in addition to the presidency with the prospect of a life term.

A 2018 constitutional amendment removed the president’s two-year term limit, which would allow Xi to remain in power for life. His second term as president is due to end in 2022.

We should not and cannot simply repeat the previous model, but should strive to shape a new industrial chain to strengthen technological innovation and import substitution, which are at the heart of deepening structural reforms on the China side. the offer and the key to achieving high-quality development, Xi said in an article published in Qiushi’s, the official gazette of the CCP.

Xi said that to ensure China’s industrial security and national security, we must build a self-controlled, safe and reliable national production and supply chain.

Also read:Xi Jinping facing rebellion, but that’s probably not why key party meeting was delayed

We must strive to have at least an alternative source for important products and supply channels to form a necessary industrial safeguard system, Xi said.

He stressed the importance of the industrial and supply chain. A key characteristic for a major economic power is that its industrial and supply chain must not be disrupted at a crucial time, he said.

China’s complete industrial chain has played a key role during the COVID-19 pandemic in ensuring the availability of materials important for the prevention and control of the outbreak. However, the public health crisis has also exposed risks in the national supply chain and the industrial chain, he said.

For sectors in which China has achieved pioneering advantages, such as high-speed rail, power generation equipment and communication equipment, Xi suggested that the technologies be further perfected, in order to forge countermeasures and strong deterrent capabilities when foreign parties block supplies, according to excerpts from his article in the Global Times.

China’s status as a global factory has been affected by declining global markets and US President Donald Trump’s trade war and his decision to ban Chinese tech companies like Huawei and TikTok for security reasons. The United States also recently tightened restrictions on semiconductor chip exports to China, deepening the technological conflict between the world’s two largest economies.

Also read:Why India has its eye on the plenary of the almighty Chinese Communist Party from today

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