The National Committee of the Chinese People's Political Consultative Conference (CPPCC) holds the 18th briefing on issues of major concern in Beijing on Oct 20. [Photo/cppcc.gov.cn]

The National Committee of the Chinese People's Political Consultative Conference (CPPCC) held the 18th briefing on issues of major concern in Beijing on Oct 20. The meeting was themed on promoting the new development paradigm, with the domestic market as the mainstay and the domestic and international markets reinforcing each other. 

Vice-chairmen of the CPPCC National Committee Wang Zhengwei and Zheng Jianbang attended the briefing. 

Lou Jiwei, chairman of the Committee on Foreign Affairs Committee of the CPPCC National Committee, chaired the briefing. 

The building of a new development paradigm should stick to new development concept and strive to achieve development that is of higher quality and more efficient, sustainable, secure, and fairer, said Ning Jizhe, vice-chairman of the National Development and Reform Commission. 

For the next step, his department will commit to building complete systems of production, distribution, circulation and consumption, a system of coordinated urban-rural and regional development, and a high-level open economic system. It will also promote the close integration of "dual circulation" of domestic and international markets and establish an institutional mechanism and policy system to support them, according to Ning. 

Ou Wenhan, assistant minister of finance, pointed out the profound background and significance of implementing the new development paradigm. He said the Finance Ministry will work to study and improve the fiscal and taxation policies and measures in support of related fields, and develop cross-cyclical design and regulations of fiscal macro-control. 

The ministry will also deepen fiscal and taxation system reform, and strengthen the coordination of fiscal and taxation policies with other policies and related development plans, he added. 

The new development paradigm is a strategic decision made by the CPC Central Committee in light of the changes in China's development stage, conditions and environment, aiming to rebuild the country's international cooperation and competition advantages, said Yu Jianhua, vice-minister of commerce and China's deputy international trade representative. 

The Ministry of Commerce will make full use of the advantages of commercial work, which connects China with the world, links urban and rural areas, and integrates production with marketing, said Yu. It will firmly implement the strategy of expanding domestic demand, push forward reform and opening-up from a higher starting point with greater courage, and promote the construction of a new open economic system of higher levels. 

The ministry will also take multiple measures to make the "dual circulation" of domestic and international markets unimpeded and further serve the new development paradigm, according to Yu. 

The meeting participants exchanged views on implementing fiscal policy measures to expand domestic demand, deepening reform of factors affecting market allocation, promoting the integration of domestic and foreign trade, stabilizing foreign trade and foreign investment and building a high-standard network of free trade zones.