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China needs a raft of reforms to make new economic strategy work: government advisers

BEIJING (Reuters) – 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.

FILE PHOTO: People wearing face masks walk on a street in Shanghai, following the coronavirus disease (COVID-19) outbreak, China July 16, 2020. REUTERS/Aly Song/File Photo

President Xi Jinping has proposed a “dual circulation” strategy for the next phase of economic development in which China will rely predominantly on “domestic circulation”, to be supported by “international circulation”.

“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 to deepen reforms.”

Lin Yifu, a second adviser to the cabinet, said China’s new economic strategy was not a short-term measure to

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