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China eyes modern circulation system

Updated: Jan 10,2022 20:00    english.www.gov.cn

The State Council, in reply to the National Development and Reform Commission on Jan 10, approved a plan on building a modern circulation system during the 14th Five-Year Plan (2021-2025) period.

Aiming for high-quality development driven by innovation, the plan will stick to supply-side structural reform and put people at the center.

The circulation system should rely on both physical and soft infrastructures as well as modern enterprises with enhanced governance, higher efficiency and lower costs.

New development strengths in the sector will support China’s new dual-circulation development paradigm where the domestic circulation serves as the mainstay while the domestic and international circulations reinforce each other.

Provincial-level governments should list the building of a modern circulation system among important tasks for local economic and social development during the five-year period, the reply noted.

The NDRC should closely track and evaluate the plan’s implementation progress, the State Council further said.

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