Chinese President Xi Jinping said on Thursday that China is set to change its development model from next year, relying more on domestic consumption than export-reliant growth which propelled it to become the world's second largest economy next only to the United States.
"From next year on, China will embark on new journey toward fully building a modern socialist country," 67-year-old Xi said while addressing the Asia-Pacific Economic Cooperation (APEC) CEO Dialogues via video link.
"We will foster a new development paradigm with domestic circulation as the mainstay and domestic and international circulations reinforcing each other,” he said.
"The new development paradigm is a strategic decision we have made based on the current stage and conditions of development in China and with full consideration given to economic globalisation and changes in the external environment," he said.
Last month, a key conclave of the ruling Communist Party of China (CPC) headed by Xi adopted his proposals for the formulation of the 14th Five-Year Plan (2021-2025) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035.