BEIJING: China is looking to reduce its reliance on overseas markets and technology for its economic development, government advisers say, as US hostility and a global pandemic increase external risks that could hamper longer-term progress.
"The Chinese leadership raised the 'internal circulation' concept as the situation has become grim, although complete 'internal circulation' is unlikely," said a policy insider, declining to be named due to the sensitivity of the matter. Chinese firms have started to feel the pinch from US curbs on trade and technology as the Trump administration confronts Beijing over a range of issues from its handling of the new coronavirus pandemic to the new security law in Hong Kong.
People wearing face masks are seen next to 5G signs on a Huawei store at a shopping mall, following the coronavirus disease outbreak, in Beijing, China August 3, 2020. REUTERS/Carlos Garcia Rawlins In 1978, then Chinese leader Deng Xiaoping initiated historic reforms and opening-up policies, paving the way for the country's transformation from a diplomatically isolated backwater to the world's second-largest economy today.
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