"Dual circulation" for common development

The CIIE is an epitome of China integrating into the grand circulation of the world economy and promoting common prosperity with its own development.

Following the completion of building a moderately prosperous society in all respects, China will embark on a new journey towards fully building a modern socialist country and realizing the second centenary goal.

Facing challenges and missions ahead, China will strive to foster a new development pattern that features the domestic market as the mainstay with domestic and international markets reinforcing each other.

The new development pattern China envisions "is not a development loop behind closed doors, but more open domestic and international circulations. We will do so not only to meet China's own development needs but also for the greater benefit of people in all countries," said Xi when addressing the third CIIE.

Saw Choon Seong, China president of Air Products, a US-based industrial gases manufacturer, said he is very excited about the new development pattern.

"The 'dual-circulation' pattern will allow our company to introduce world-leading technologies, equipment and solutions to China, and at the same time bring proven domestic technologies to other markets," Saw said.

Louis Kuijs, head of Asia Economics at Oxford Economics, a British think tank, said the new development pattern meant that the country "is about boosting domestic demand and growth, and ensuring the Chinese economy is robust against shocks, while at the same time continuing to reform and open up further."

"China has a population of 1.4 billion and a middle-income group that exceeds 400 million," Xi noted. "The vastly huge China market is the most promising in the world. Total import into China is estimated to top $22 trillion in the coming decade."

Xi once compared the Chinese economy to an ocean, saying that big winds and storms may upset a pond, but never an ocean, reflecting China's confidence and determination to overcome the difficulties together with other countries.