In a world rocked by the COVID-19 pandemic and escalating tensions with the 
United States, China has got itself well prepared — with a new economic model 
called "dual circulation" that is expected to shape the country's blueprint for 
the next five years.

The new pattern, "dual circulation", also known as "double development 
dynamic," refers to the two economic circles: trade at home and abroad, but 
this time with greater emphasis on domestic market. Hyping discussions 
immediately prompt suggestions that the Chinese economy would "turn inward," as 
it is argued that focusing on trade at home means "closing doors" to the 
outside world.

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Yet to Beijing, opening its door wide seems like a long-term plan that it's not 
looking to give up. On Tuesday, Chinese President Xi Jinping told the 12th 
BRICS summit that China will more "actively integrate into the global market". 
Instead of shutting its door to opening-up, China will embrace the world with 
more open arms, President Xi noted.

BRICS is the acronym for an emerging-market bloc that groups Brazil, Russia, 
India, China and South Africa. Tuesday's meeting was hosted by Russia, which 
holds the rotating BRICS presidency this year.

China will redouble its efforts to expand domestic demand, deepen reform in all 
aspects, and promote innovation in science and technology to add impetus to its 
economic growth, he added.

"The strengthening of internal circulation has no contradiction with China's 
policy of opening-up," commented Prof. Gao Liankui of EU Business School in an 
opinion piece for the Global Times. "The new development pattern ... was rolled 
out based on the objective development of the Chinese economy, which has seen 
industrial upgrading and an expansion of the domestic market."

"Along with technological development, an economic entity will see its 
comparative advantages change, leading to a certain degree of import 
substitution. It's not China's unique path," Prof. Gao said in the piece.

Also at the BRICS meeting, President Xi highlighted the need for international 
solidarity in the fight against the coronavirus. "We need to overcome 
differences and prejudice with unity and rationality and forge the greatest 
synergy in the battle against the virus," he said.

China's carbon neutrality commitment

Also at the BRICS meeting, Xi doubled down on the country's commitment to 
achieve carbon neutrality before 2060. That goal, according to experts, would 
require Beijing to achieve near-zero emissions by 2050.

China will scale up its nationally determined contributions and strive to peak 
carbon dioxide emissions by 2030, he vowed, "You can count on China to keep its 
promise."

"To achieve carbon neutrality by 2060 requires a huge transformation in all 
aspects of the social, economic, energy, and technological systems," He 
Jiankun, vice chairperson of the National Committee of Experts on Climate 
Change, told Xinhua, meaning new energy and renewable energy will be topped as 
the mainstay.

Official data shows that China's emissions of carbon dioxide in 2018 were 45.8 
percent lower than that of 2005, which means that the country had met its 
emission reduction target two years ahead of schedule.

In addition, the government has sorted out ways to promote "green development". 
China has promoted carbon emissions trading in seven of its provinces and 
cities — including Beijing and Shanghai — since 2011 to explore market-based 
mechanisms to control greenhouse gas emissions.

China is ready to fulfill its due international responsibilities commensurate 
with its level of development, Xi said at the Tuesday meeting.

Building BRICS partnership on new industrial revolution

With respect to the BRICS partnership, Xi pointed out that China is willing to 
work with other BRICS members to accelerate building a BRICS partnership on the 
new industrial revolution.

Specifically, China will set up an innovation center for such a partnership in 
the city of Xiamen, southeast China's Fujian Province, the Chinese president 
announced at the meeting. The innovation center will facilitate cooperation in 
fields including policy coordination, personnel training and project 
development, according to President Xi.

Established in 2009, the BRICS group was set up to establish an equitable, 
democratic and multi-polar world order, while helping to shape a stable, 
predictable and more diversified international monetary system.

"BRICS serves as an antidote to the G7 and other U.S.-dominated institutions," 
pointed out London based political commentator Freddie Reidy. "This (its 
establishment) was interpreted as the need to find a new global reserve 
currency, consequently leading to an immediate slide in value of the dollar, 
demonstrating the considerable influence of the group."

President Xi also called on BRICS countries to hold the banner of 
multilateralism high, safeguard the purposes and principles of the UN Charter 
and the international order underpinned by international law.

People's welfare should always be kept close to heart, he stressed in his 
speech, also urging the bloc to pursue the vision of a community with a shared 
future for mankind.

At present, the world is caught between the most serious pandemic in the past 
century and momentous changes never seen in the last one hundred years, Xi 
said, referring to the COVID-19 pandemic that has plunged the world into the 
worst recession since the Great Depression in the 1930s.

"Despite all this, we remain convinced that the theme of our times — peace and 
development — has not changed, and that the trend toward multipolarity and 
economic globalization cannot be turned around," he said.

SOURCE: CGTN