Xi’s post-virus economic strategy for China looks inward | via nytimes
He inspected fields of corn amid jitters about food supplies. He visited steel works trying to overcome a slump in profits. He toured an innovation center at a time when President Donald Trump has raised barriers against China’s technological takeoff.
To some, Xi’s latest initiative looks like a glossy reboot of long-standing efforts to overhaul the Chinese economy. Chinese leaders have promised since at least 2006 to make domestic consumer spending a bigger share of economic activity, reducing reliance on exports and infrastructure building — with mixed success.
China’s formula for growth has been evolving, though in the view of some economists, too slowly. Exports contribute notably less to economic growth than they did a decade ago, but the shift to domestic consumption has been incremental. And China depends on imports of technology, crops and energy, adding to the government’s worries about external vulnerability.
Xi’s recent itinerary reflects the broader strategy he is mapping for China while the U.S. and other Western powers remain largely consumed with the coronavirus crisis. Xi’s program is likely to bring more measures to support domestic service industries, such as tourism, and more support for new energy sources to displace imports, Wang Wen, executive dean of the Chongyang Institute for Financial Studies, a think tank in Beijing, said in an interview. He said that the new strategy implied a more ambitious agenda than just expanding consumer spending.
Xi’s dual circulation initiative may have a more immediate impact by redoubling efforts to build homegrown technology and reduce China’s need for foreign-made microchips and other key components in smartphones, computers and other equipment.
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