China's new development paradigm is by no means a closed, internal cycle, and the country is ready to further advance institutional opening up and continue with trade and investment liberalization and facilitation for mutual benefit and common development worldwide, said Zhang Yesui, spokesman for the fourth session of the 13th National People's Congress, the country's top legislative body.

 

In response to a question regarding the relationship between China's new development paradigm and its opening-up at a news conference on Thursday night, Zhang said opening-up is "one of our experience in the development of China's economy" and "engaging in international circulation remains as important today as it was in the past".

 

He said as the Chinese economy has deeply integrated into the world economy, domestic and external demands of the market are very much interdependent and they complement one another.

 

"A new development paradigm is by no means a closed, internal cycle, but about two circulations working together in an open, and mutually re-enforcing way," Zhang said. "It aims to tap into the potential of domestic demands, to better connect the Chinese and global markets, leverage the internal circulation to attract global resources, better harness the two markets and two resources."

 

He said the signing of Regional Comprehensive Economic Partnership by China and other participating countries and the conclusion of China-EU Comprehensive Agreement on Investment will strongly boost economic globalization and regional integration and is compatible with the new development paradigm.

 

Under this new paradigm, China will further advance institutional opening up, continue to promote trade and investment liberalization and facilitation, foster a business environment that is based on market principles, governed by the law and up to international standards, so as to achieve mutual benefit and common development with countries across the world, Zhang added.