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China all set to change its development model from 2021: Xi

Nov 19, 2020 22:32 IST

Chinese President Xi Jinping on Thursday said that China is set to change its development model from 2021, relying more on domestic consumption than export-reliant growth. Addressing the Asia-Pacific Economic Cooperation CEO Dialogues via video link, President Xi said, from next year on, China will embark on new journey toward fully building a modern socialist country. China’s status as a world’s factory has been affected by declining global markets and US President Donald Trump’s trade war on the nation, as well his move to ban Chinese tech firms like Huawei, TikTok.

International