US and Chinese flags fluttered near the Bund, before the US trade delegation met with his Chinese counterpart for talks in Shanghai, China on July 30, 2019.
Song Aly | Reuters
BEIJING – As the Chinese authorities prepare to build their country in the next few years, they want to make sure the rest of the world will still do business with them.
During a high-level press conference on Friday, central government officials stressed the need for other countries to cooperate with China, amid rising global uncertainty from the coronavirus pandemic and the protection meaning. The media The event comes as China̵7;s top leader concludes an important policy meeting aimed at setting the country’s economic and social priorities for the next five years.
Officials in particular have pushed back against the “decoupling” or complete separation of the US and Chinese economies, which the administration of President Donald Trump advocated, starting with technology. Chinese telecom giant Huawei has been severely hampered by US restrictions for the past two years.
“Segregation is fundamentally impractical and does not benefit China, the US or the world,” said Han Wenxiu, deputy director of the Central Office of the Economic and Financial Commission. That’s according to CNBC’s translation of his Mandarin-language remarks.
“Those who want to separate are few. Those who want to cooperate more,” Han said, noting that the US and China can only be the world’s two largest economies because they complement each other and operate. in an open global environment.
The US is China’s largest trading partner, but the two countries have been in tensions for more than two years. Each government has levied hundreds of billions of dollars in goods from the other. Critics argue that the state’s dominance in the Chinese economy gives the country unfair advantages over American and other foreign firms.
Economists expect China to become the world’s largest economy in the next few years, surpassing the US In an effort to reduce economic dependence on debt investment and export production, China is try to increase dependence on domestic consumption.
According to Han, foreign trade still accounts for about 30% of China’s gross domestic product, who has recorded a decline from the previous 60%.
“In the future, China’s export, import, use of foreign capital and the scale of China’s outward investment will expand and its international position will increase,” he said. “This is also an important feature of the big country economy”.
‘Self-reliance’ in technology
Han and four other central government officials spoke a day after releasing preliminary details of the economic development plan from 2021 to 2025, also known as the 14th Five-Year Plan. This week’s meeting of the ruling Communist Party Central Committee also touches on targets for 2035.
The meeting stressed the need for China to pursue “self-reliance” in the technology sector as a national development strategy, according to state media. The country is accelerating the development of important technologies such as semiconductors and positioning systems to compete with the US’s Global Positioning System (GPS).
Once again, while describing China’s need to pursue a new phase of development, officials were quick to point out how the country needs to learn from international expertise.
“China’s technological innovation has never been a closed one and in the future it will not shut itself down to innovate on its own,” said Science and Technology Minister Wang Zhigang during a press conference. on Friday, according to CNBC translation in Mandarin.
Towards building a ‘modern’ society
In their statement of goals for 2035, China’s leaders said they would focus on building a “modern socialist China” that encompasses defense and military modernization.
The emphasis on “modernity” comes after the ruling party said on Thursday that it will essentially meet its promise of building a “moderately prosperous society” next year, when the Chinese Communist Party National 100th anniversary of its founding.
Beijing expects GDP to reach 100 trillion yuan (about $ 14.9 trillion) this year, which would mean an increase of at least 0.9 percent from 2019 levels, the release said. In the long run, the authorities say China aims to be “a nation strong in culture, education, talent, sports and health.”