Party's hard work bears fruit

The dual-circulation development paradigm, in which domestic circulation is the mainstay and domestic and foreign markets support each other, will serve as the "China approach" of promoting economic globalization, a senior official said.

"Building the new development paradigm is a kind of 'China approach' and 'China contribution' for deepening economic globalization and realizing common prosperity of all countries, amid profound and complex changes in the international environment," said Han Wenxiu, an official with the Central Committee for Financial and Economic Affairs.

China will provide different economies with larger market space and more cooperation opportunities under the new paradigm, injecting impetus into the global recovery and sustained growth, Han said.

Though taking domestic circulation as the basic foothold for economic development, the paradigm by no means indicates that China will give up international cooperation, Han said.

Instead, it means that China will open up in a wider range, further harmonize domestic standards with global practices, and attract high-end global talent, knowledge, technology and management experience, so that the international circulation will boost the domestic counterpart, he said.

In building the new paradigm, China will uphold supply-side structural reform as the main task while continuously expanding domestic demand. Specifically, more efforts will be made to boost the recovery in consumption and strengthen the employment-first policy, he said.

China's economic recovery has remained unbalanced, Han said. The country will make policy support more targeted and offer more aid to small and medium-sized enterprises.