China all set to change its development model from 2021: Xi Jinping


Source: indiatimes.com indiatimes.com

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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....