China's Dual Circulation Strategy Takes Center Stage at Financial Street Forum 2023
The 2023 Financial Street Forum is underway from November 8 to 10 in Beijing's bustling Financial Street. This annual conference gathers global leaders and experts to discuss pressing economic issues and strategies for sustainable growth.
Highlighting the Report to the 20th National Congress of the Communist Party of China, the forum underscored China's active role in reforming the global governance system. Emphasizing shared growth, China advocates for true multilateralism and greater democracy in international relations to ensure a fairer global governance structure.
Amidst a challenging global economy marked by sluggish growth, rising inequalities, and escalating anti-globalization sentiments, the conference spotlighted the necessity for innovative economic policies. Developing nations grapple with poverty while developed countries face increasing disparities, compounded by severe climate change impacts.
Experts at the forum argued that traditional economic governance approaches are insufficient in addressing these multifaceted challenges. Instead, fostering international policy synergy is crucial to create a more robust and equitable global economy. By aligning macroeconomic policies and leveraging market connections, nations can collectively navigate the complexities of today's economic landscape.
The dual circulation paradigm, which focuses on strengthening domestic markets while maintaining international engagement, was presented as a key strategy for achieving sustainable growth and ensuring fair economic opportunities worldwide.
Reference(s):
Foster international cooperation and 'dual circulation' paradigm
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