News Snapshot:
BEIJING- China will need a plethora of reforms if it is to make a new economic strategy that relies mainly on domestic consumption work, advisers to the Chinese cabinet said on Tuesday. President Xi Jinping has proposed a “dual circulation†strategy for the next phase of economic development in which China will rely predominantly on “domestic circulationâ€, to be supported by “international circulationâ€. “To rely mainly on domestic circulation, we indeed face a very arduous task,†Yao Jingyuan, the former chief economist for the country’s National Bureau of Statistics, told a briefing.“Fundamentally we must rely on reforms, and we need...