The “New York Times” noted that Chinese President Xi Jinping has used his recent visits to a corn farm, a steel plant and a technical innovation center to highlight a new economic strategy for the country, which is that its economy must be re-equipped to depend less on foreign economies in the post-epidemic world.
Mr Xi said the Chinese need to spend more and manufacturers should be more innovative.
The newspaper said that the most pressing issue at hand, according to official media comments about Mr. Xi’s strategy, is that China must be prepared for a permanent dispute with the United States of America that could jeopardize its access to the US market.
“This policy has a lot to do with the changing international environment of China, especially the deterioration of Sino-US relations,” said Yao Yang, dean of the National School of Development at Peking University”.
China needs to prepare for the worst-case scenario, where the United States closes certain technical areas to China,” he added.
Chinese leaders have pledged since at least 2006 to make domestic consumer spending a greater share of economic activity – with mixed success. China depends on imports of technology, crops and energy.