China plans to pursue economic self-reliance

BEIJING: China is looking to reduce its reliance on overseas markets and technology for its economic development, government advisers say, as US hostility and a global pandemic increase external risks that could hamper longer-term progress.

The country’s leaders have proposed a so-called “dual circulation” model of growth to steer the economy, the sources said, which would prioritise “internal circulation” to boost domestic demand and be supplemented by “external circulation”. No details have been given on the strategy.