The Fifth Plenary Session of the 19th Central Committee of the Communist Party of China deeply analyzed the profound and complex changes that China's development environment is facing. The communique says China is still in an important period of strategic opportunity for development at present and for the foreseeable future, but there are new developments in both opportunities and challenges. Accordingly, new changes have taken place in the way and path of China's participation in economic globalization.
We need to upgrade the original strategy of economic globalization to a new strategy of economic globalization which is mainly based on domestic demand and carried out in China's home field. By cultivating, utilizing and opening up China's super large-scale market, China will create a new competitive advantage in the global economic development and form a new driving force for China's and the world's economic growth.
Under the new development pattern, China's way of participating in economic globalization will form new characteristics: domestic demand being an important tool, resource and means of new economic globalization, and expanding domestic demand being taken as a strategic basis; using domestic demand to stimulate the growth of import demand and foreign demand, siphoning global innovation elements for our own use and developing innovative economy; taking import as the main factor and economic globalization being carried out more at home in China.
