Growth plan to help boost the world's economies

China's acceleration in the establishment of the dual-circulation development pattern will facilitate the country's pursuit of high-quality development as well as benefit global economic recovery, experts said on Thursday.

They made the remarks at a conference held both online and offline in Lisbon, Portugal, on the Chinese economy and the dual-circulation development strategy.

The event was co-organized by Shandong University of Finance and Economics in China, the Lisbon School of Economics and Management, and the New Silk Road Friends Association in Portugal.

The dual-circulation development pattern, which takes the domestic market as the mainstay while letting domestic and foreign markets reinforce each other, was first proposed in 2020 and has since become a pivot of many of China's economic development agendas.

"There is a significant two-way promotion effect between the domestic economic cycle and international economic cycle," said Zhao Zhongxiu, president of Shandong University of Finance and Economics, at the conference via video link.

Chinese industrial enterprises' export activity can boost domestic buying of intermediate goods as well as domestic end-user consumption of products and services, and vice versa, Zhao said.

There is also a significant two-way promotion effect between industrial goods exports and domestic cross-provincial trade in products and services for end-user consumption, he said.

Zhao said China should consolidate its advantages and strengthen supply chains, while working harder to promote the development of a unified national market.

Policies and measures should also be formulated to accelerate the transformation of China from a trader of quantity to a trader of quality, he said.

Fernanda Ilheu, president of the New Silk Road Friends Association, said the dual-circulation development strategy can boost technological innovation and push Chinese firms up the global value chains, which are key to mobilizing China's homegrown companies for development.

China should boost domestic demand and increase consumption by stimulating household incomes, which will be supported by the external circulation requiring greater opening-up by China to attract foreign investment in high-end manufacturing and strengthen Chinese supply chain security, she said.