New development pattern will help China keep initiative amid complex externalities

At its fourth plenary session held in Beijing last week the 20th Central Committee of the Communist Party of China made systematic and strategic arrangements in its recommendations for formulating the 15th Five-Year Plan (2026-30), among which is the requirement to continue to foster the new development pattern.

This is a crucial move to ensure that the country seizes the development initiative during the next five years and beyond, and thereby lays a solid foundation for basically realizing the country's socialist modernization.

The call to foster the new development pattern reflects the CPC Central Committee's deep insight into the new situation of China's development, as well as its prudence in handling related challenges. Both are evident in the Recommendations of the Central Committee of the Communist Party of China for Formulating the 15th Five-Year Plan for National Economic and Social Development and the explanation of the recommendations, both released on Tuesday.

According to the recommendations and explanation, more efforts should be made to make solid strides toward delivering common prosperity for all, better ensure both development and security, and coordinate economic development endeavors with work in all other spheres.

Fostering the new development pattern is a proactive response to external challenges, a strategic choice based on the country's own development stage, its unique institutional strengths and economic attributes. The new development pattern stresses the need to smooth the circulation of the national economy, build a strong domestic market, and advance high-standard opening-up to consolidate the synergy of mutually beneficial cooperation.

During the 14th Five-Year Plan (2021-25) period, the effectiveness of the new development pattern, which was put forward in 2020, has been proved. The resilience of the country's industry and supply chains has been strengthened, innovation-driven development has yielded new momentum, and the quality and efficiency of economic growth have steadily improved.

To meet the requirement to foster the new development pattern, governments at all levels are urged to make more efforts to ensure that new demand drives new supply, that new supply helps create fresh demand, and that positive interactions are fostered between consumption and investment and between supply and demand. This will help enhance the dynamism and reliability of the domestic economy.

The session further emphasized the need to eliminate bottlenecks and obstacles hindering the development of a unified national market. To this end, authorities at different levels should stimulate the vitality of all market entities, work faster to improve the institutions and mechanisms for the market-based allocation of production factors, and make macroeconomic governance more effective.

By removing the institutional barriers that hinder circulation and optimizing the business environment, and realizing a virtuous cycle between consumption and investment and between domestic and external demand, the dividends of China's vast market can be better unleashed. In doing so, the country will be able to present more opportunities to the world.

The new development pattern is not a closed domestic loop but an open and mutually reinforcing system of domestic and foreign markets. By enhancing the resilience and security of its industry and supply chains, strengthening scientific and technological self-reliance, and promoting smoother dual circulation, China will better safeguard its development interests while contributing to global economic growth.

The certainty and stability inherent in China's development and the country's openness have been and will continue to be a boon for the world.

By remaining focused on doing its own things well and accelerating the formation of the new development pattern, the country, under the leadership of the CPC Central Committee, will advance along the path of high-quality development and move steadily toward the rejuvenation of the Chinese nation with firm confidence and concrete actions.