Efforts should be made in spurring domestic consumption, upholding innovation-driven development and insisting on the reform and opening-up when China strives to build the new development paradigm of “dual circulation”, said Xie Fuzhan, President of the Chinese Academy of Social Sciences.

Xie made the remarks on Saturday while addressing the opening of the 86th International Forum on China Reform held in Haikou, Hainan province, under the theme of “High-Level Opening-up China and the World”.

He said building the new development paradigm, with domestic market as the mainstay and domestic and international markets reinforcing each other, calls for expanding domestic consumption and stepping up fostering the domestic demand.

Implementing the strategy of expanding domestic consumption should be aligned with the deepening of the supply-side structural reforms, leveraging the country’s vast market to enhance the people’s sense of happiness, fulfillment and security, Xie said.

He underlined the need to uphold the innovation-driven development & said technological innovation should play a crucial role in smoothening the “dual circulation”.

Xie also stressed the importance of reform and opening-up in shaping the new development paradigm. While improving the business environment, he called for leveling the field so that the domestic circulation with higher efficiency will help attract global production factors and resources.

Higher-level opening-up is essential for building the new development paradigm, he said, calling for continued efforts to advance trade and investment liberalization and facilitation, build the higher-level opening economy, promote higher-quality Belt & Road Cooperation and actively participate in the reform of the global economic governance system.