Chen Liu: The 14th Five-Year Plan: Turn Supply-Side Structural Reform to Focus on the Construction of Dual Circulation Development New PatternTaking the dual circulation as one of the important guiding principles of the 14th Five-year Plan is to deepen the supply-side structural reform. The dual circulation should solve the key problems that still need to be solved in the structural reform of the supply system. First, some major structural problems need to be solved through efforts of both supply-side and demand-side. Second, the dialectical relationship between improving supply and expanding domestic demand exists objectively, and improving supply is an important support for expanding domestic demand. Therefore, during the 14th Five-year Plan period, the policy promotion of constructing dual circulation development new pattern mainly includes three aspects: the first one is the upgrading of the demand system. Second, the supply system should be continuously optimized. Third, the overall institutional system should serve scientific and technological innovation, industrial development and the real economy.In terms of unimpeded industrial circulation, the experience of developed countries shows that the first essential of unimpeded industrial circulation is to take the leading position in some important industries and links in the world. The second key to the smooth of industrial circulation is to balance the relationship between domestic and international markets. Therefore, unimpeded industrial circulation is not a complete industrial closed loop, but reflected in the industrial control force, competitiveness, market security degree and other aspects.In the past, China's domestic and international markets were relatively unbalanced, and the overall strategy of expanding domestic demand, especially consumption, was unsatisfactory. The core reason was the low added-value of industries and products. At present, in accordance with the spirit of the Fifth Plenary Session of the CPC Central Committee, the Chinese economy has been optimizing the institutional arrangements for "scientific and technological innovation" and "the construction of modern industrial system". Breakthroughs have been made in the three major fields of international competition, namely, basic industry, brand consumption and digital economy, so that dual circulation development new pattern can be continuously formed.
