China will strive to spur domestic demand, strengthen strategic support of science and technology for economic development and expand high-standard opening-up to enable its economic growth to remain within a reasonable range in the next year, according to the meeting of the Political Bureau of the Communist Party of China Central Committee.
Reforms on both supply and demand sides should be carried out to achieve a dynamic equilibrium on a higher level, in which demand and supply can boost each other, said the meeting.
This new development paradigm is by no means a closed-door policy. Instead, it urges efforts on both the supply and demand sides to ensure unimpeded flow in production, distribution, exchange and consumption. While making the Chinese economy more resilient and competitive, it also aims to build a new system of open economy of higher standards. This will create more opportunities for the world to benefit from China's high-quality development.