Why High-Quality Development Matters
Feeling the global econ rollercoaster? Supply chains splinter, tech rivalries heat up, and political tensions spike. China's answer? High-quality development 🚀. Instead of just chasing big GDP numbers, the focus is on innovation, resilience and serving its massive home market.
Innovation & Self-Reliance
Take Luoyang Bearing Group (LYC). A few years back, they were grinding out basic parts by hand. Fast-forward to today: 70% of their bearings are high-precision components. This shift – spotlighted during a May visit by Chinese President Xi Jinping – shows how firms turn global hurdles into growth fuel.
Hit by chip shortages? SMIC and HiSilicon are cranking up homegrown chip design. Blocked from space tech? Enter Tiangong space station and new lunar missions. It's a "we got this" vibe – China building its own toolkit to navigate uncertainties.
Power of 1.4 Billion
With 1.4 billion people, the Chinese mainland is a mega-consumer arena. Last year, shoppers spent almost ¥49 trillion (~$6.8 trillion) locally. That's the backbone of the dual circulation strategy – think homegrown growth on steroids while still jamming in the global scene, much like how ecommerce in India and SEA balances local demand and exports.
Close-Knit Supply Chains
In Shenzhen's high-tech hub, drone startups can source nearly every part within 50 km. This density gives companies like DJI a 70% global market share. Imagine that cluster power in hubs from Jakarta to Bangalore – local synergy unlocking global dominance 💡.
Decoding Dual Circulation
Dual circulation is simple:
- Domestic circulation: Boost local consumption and innovation.
- International circulation: Keep trade and tech partnerships spinning.
Initiatives like appliance and vehicle trade-ins have already unlocked billions in sales, fueling growth right at home.
👉 Bottom line: By focusing on high-quality development – innovation, massive market potential, tight supply chains and open trade – China is crafting a more stable economic path through uncertain times. For young pros and tech buffs across Asia, it's a masterclass in turning challenges into opportunities.
Reference(s):
China's high-quality development: Certainty amid uncertain times
cgtn.com
