China's top political advisor stresses research on boosting domestic economic cycle

Wang Huning, a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and chairman of the National Committee of the Chinese People's Political Consultative Conference, speaks at a symposium on facilitating the domestic economic cycle in Beijing, capital of China, July 8, 2024. (Xinhua/Li Tao)

BEIJING, July 8 (Xinhua) -- China's top political advisor Wang Huning on Monday underscored deepening research on facilitating the domestic economic cycle and building consensus on advancing Chinese modernization.

Wang, a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and chairman of the National Committee of the Chinese People's Political Consultative Conference, made the remarks during a symposium in which the central committees of some non-CPC parties presented their research outcomes.

Strengthening the domestic economic cycle is strategically important for driving economic growth, promoting cooperation and building new competitive edges, thereby playing a pivotal role in the country's new development pattern, Wang said.

Wang also called for efforts to deepen research and produce effective research outcomes on facilitating the domestic economic cycle.

China has adhered to a "dual-circulation" economic pattern since 2020, which prioritizes the domestic market while leveraging both internal and external markets to enhance resilience against external shocks.

This economic pattern requires coordination and unification of standards, rules and policies across regions and industries to ensure the smooth functioning of the domestic market, according to official guidelines.

During the symposium, leaders of the central committees of five non-CPC parties provided their respective suggestions on topics such as unclogging logistics, building a unified national market and creating new growth drivers.