Xi rules out China's seclusion with new development model

President Xi Jinping ruled out on Thursday that China intends to resort to seclusion with its new development policy and reiterated its commitment to promoting economic globalization, because it is an irreversible trend in today's world.

Addressing the Asia-Pacific Economic Cooperation Forum, the president emphasized that under China's 'dual circulation' strategy, local and international businesses will promote each other. This growth pattern gives greater weight to self-sufficiency in scientific-technological innovation and domestic consumption, as the latter has been the main catalyst for the Gross Domestic Product since 2008.

'No country can develop itself by keeping its doors closed. China is already deeply integrated into the global economy and the international system. We will not reverse course or run against historical trend by 'decoupling' or forming a small circle to keep others out, he said.

China will take advantage of its potential as a market to offer greater opportunities to foreign businesses, cut tariffs and government instituted transaction costs, and open a number of demonstration zones for creative promotion of import trade to increase import of quality goods and services, he added.

Xi promised a business-friendly environment, reducing import-ban technologies, and transforming the country into a hub for commercial exchanges through platforms such as the China International Import Expo, which was successfully held in Shanghai recently.