THE proportion of China's world trade accounted for in its GDP will drop to 25 per cent in the next decade, as the nation's economic output relies less on the international markets, reports Beijing's official Global Times.
'We must further promote the market-oriented development of the production factor to form a high-standard factor system. Most of the production of components and raw materials will be completed domestically while our products still cover the global market,' said Southwest China's Chongqing Municipality former mayor Huang Qifan.
China's trade to GDP ratio was 34.507 per cent in 2020, a decline from 35.837 per cent in 2019.
China's foreign trade of goods fell by 0.6 per cent year-on-year to US$3.1 trillion in the first eight months of the year.
The proportion of domestic consumption will lift from the current 42 per cent to over 50 per cent.
'We may achieve the goal of doubling the 400 million middle-income people by 2035.' said Mr Huang.
SeaNews Turkey
'We must further promote the market-oriented development of the production factor to form a high-standard factor system. Most of the production of components and raw materials will be completed domestically while our products still cover the global market,' said Southwest China's Chongqing Municipality former mayor Huang Qifan.
China's trade to GDP ratio was 34.507 per cent in 2020, a decline from 35.837 per cent in 2019.
China's foreign trade of goods fell by 0.6 per cent year-on-year to US$3.1 trillion in the first eight months of the year.
The proportion of domestic consumption will lift from the current 42 per cent to over 50 per cent.
'We may achieve the goal of doubling the 400 million middle-income people by 2035.' said Mr Huang.
SeaNews Turkey