Opportunities from dual circulation will be boon for China and the world: China Daily editorial

It is undeniable that the emphasis China is putting on the domestic market has sparked worries among some who believe it implies the country is turning inward and trying to reduce economic and business interaction with the outside world.

Those who hold such a view fail to appreciate how deeply and irreversibly integrated the Chinese economy is with the world economy, making it impossible for the country to rely on its domestic market alone. The domestic market and foreign markets are inseparable, as shown by the failure of the previous US administration's decoupling efforts to gain any traction.

While the 14th Five-Year Plan (2021-25) for Economic and Social Development and the Long-Range Objectives Through the Year 2035 make it clear the country is prioritizing the domestic market, that does not mean it is turning its back on foreign markets or closing its doors. It is well aware of the mutually boosting dynamic that exists between the domestic and foreign markets.

What has happened since the new "dual circulation" development paradigm was first raised in May last year — from the establishing of dozens of integrated pilot zones for cross-border e-commerce, to an ever-shortening negative list for foreign investment, as well as further measures to protect intellectual property rights, widen market access and promote fair competition — should have served to dispel any doubts that exist about China's determination to continue opening up its economy.

But if any remained, Premier Li Keqiang's remarks on Thursday should have finally laid them to rest. In a news conference after the closing of the annual national legislative session in Beijing on Thursday, he made it clear that building a robust domestic market will by no means hamper the country's opening up to the international market, saying that China's market is big enough and has enough opportunities to promote common development.

Making the domestic market the mainstay for China's development will entail advancing reforms in order to build a high-standard market system featuring strengthened law enforcement and better protection of intellectual property rights. A Chinese market that is increasingly open, fair and innovative will serve the best interests of all investors and businesses, Chinese and foreign alike.

This will be a boon for the global economy, which is struggling for recovery and growth. China's huge domestic market of 1.4 billion people — including a fast-growing and burgeoning middle-income group — means increased demand for high-quality products, services and advanced technologies, offering great trade and investment opportunities to goods and service providers worldwide.