Financial and business news from Bulgaria

Radio China: The potential of the Chinese market creates opportunities for the world

Since May last year, Beijing has repeatedly stressed the need to implement in the country a new model for two-cyclical economic development, in which the internal cycle is fundamental and domestic and external amplify each other, Radio China reported.
This new concept has raised some doubts abroad, for example whether it does not mean closing China and giving up open-door policy, and whether the emphasis on the domestic market will not take away space for foreign investors to develop. These tracts show a general misunderstanding of the two-cyclical model, which does not mean closure and reliance on internal productive forces, nor opposition to the outside world, but quite the opposite — striving for mutual benefit and mutual support.

Building a strong internal market is not contrary to measures to further expand China's opening up to the world. On the contrary, its aim is to help to mutually promote Chinese and world development.

Over the past 40 years, China has received many benefits from its opening and understood that it, along with the country's close integration into the global economy, is the basis of better quality development.

For this reason, despite the global decline in transnational investments due to the COVID-19 pandemic last year, the real use of foreign capital in China grew by 6.2% and the country was ranked first in foreign investment inflows. In this year, the recovery of China's foreign trade will continue and this is evident from the trend for the first two months, when imports and exports far exceed market expectations and export growth has been at a record high since 1995. These achievements are inseparable from China's continuous opening to the outside world.