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Plenary session of Central committee of CPC concludes, with China vowing to build powerful domestic market Updated: 2020-10-30 10:07:42 KST

The fifth plenary session of the 19th Central Committee of the Communist Party of China came to an end on Thursday, with Beijing's top officials vowing to build a more powerful domestic market.
According to the communique, Beijing has set its goals for economic and social development in the 14th Five-Year Plan to be implemented from next year to 2025.
They include realizing healthy and continuous economic development, enhancing the country's response to public emergencies and enhancing progress on national defense and modernization of the country's army.
It also explains that the country will speed up its "dual circulation" during this period.
In short, it aims to take the domestic market as the mainstay while allowing domestic and foreign markets to boost one another.
The top officials agreed that internal circulation must be made smoother to ensure its dual circulation policy is also performed smoothly.
This is the first time in some four decades that the Chinese government has put a greater emphasis on domestic internal circulation, as the country has been strengthening its connectivity with the rest of the world since 1978.
Accelerating scientific and technological innovation are also a major part of the plan.
Chinese President Xi Jinping highlighted during the meeting that Beijing should be more forward-looking and develop a new generation of high technology and strive to gain first-mover advantages.
The blueprint that has been mapped out as the country is faced with major challenges - strategic containment from the U.S. and the public health challenge posed by the COVID-19 pandemic - is deemed crucial in preparing China for the next five years ahead.
Kim Hyo-sun, Arirang News.
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