China will now have to move towards self-sufficiency

Chinese President Xi Jinping has announced that China will now have to move towards self-sufficiency in changing circumstances. Dependence from other countries has to be eliminated. He has also said that now China will have to think freely and try for its new inventions.

In his speech on the 40th anniversary of the establishment of the Special Economic Zone (SEZ) in China’s southern city of Schengen, Xi Jinping said that the Shenzen SEZ has special significance in China’s current development. It was from here that Deng Xiaofing, the supreme leader of the Communist Party of China, started opening up the Chinese economy in 1979. First SEZ was formed here in 1980.

This policy changed China’s appearance. But in this sequence, Deng’s 1992 tour of several southern cities, including Schengen, is particularly remembered. During that time Deng emphasized the importance of being rich. At the same time, it was advised that China should wait for the right time to come, keeping its identity on the screen. These things have been the guide of China for three decades. Now Xi is taking the country on a different path than that. That is why his Schengen tour was given special importance.
Xi emphasized solid implementation of the “people-centric philosophy” of development and reform of all SEZs in the country. He made it clear that now employment, education, health care, social security, providing housing, care for the elderly, food security, environmental protection and public safety will be given central importance.

China will now have to move towards self-sufficiency
China will now have to move towards self-sufficiency

In fact, China’s parliament — the National People’s Congress — passed a resolution last May. A document of new economic and social policies has been prepared on its basis. The Communist Party of China Central Committee will consider it on 26 October. It is almost certain that the draft will be approved in that meeting of the Central Committee. The new proposed policy is for five years i.e. from 2021 to 2025.

The special thing in the proposed policy is that there is no target of GDP growth. Chinese leaders have made it clear that now China is abandoning the GDP-focused development policy. One reference to this is the Corona epidemic, which has jeopardized the policy of globalization. Globalization played a key role in China’s rapid development over the decades.

The new policy includes strengthening the internal market, revitalizing rural society, emphasizing development works protecting the environment, giving greater importance to indigenous knowledge and medical practice, and making healthcare a mass movement. Xi has given the same message from Schengen that China will now reluctantly go on a new path. Today, China has become so special in the global economy that the whole world will keep a close watch on its success and failures on the new path.

China opened doors to foreign investment, made itself the most important destination for manufacturing and became the second largest economy in the world by earning foreign exchange from exports. But now the United States and many European countries are following an effective policy of controlling its emergence. The Corona epidemic has completed the task. It has become common understanding that policies based on manufacturing and financialization of the economy have now reached their dead end. So in this compulsion China has decided to follow the path of “self-reliance”.

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