mandag 18. mai 2020

Coronavirus, US-China decoupling prompt Beijing to unveil new western development plan

China is seeking a new burst of growth from its vast and energy-rich western regions, as its export-reliant eastern provinces suffer from the coronavirus pandemic and face mounting pressure amid US threats of economic decoupling. The latest “Go West” blueprint announced by Beijing on Sunday comes as the government strategises for a post-coronavirus world that is set to be less friendly and predictable for China.

While top government leaders have pledged the nation will continue to open, a new strategy being floated is for the world’s second largest economy to turn inward and focus on its massive domestic market.

“Strengthening efforts to advance development of the western regions is an important decision made to answer the request for balanced regional development and also to coordinate overall interests, both internal and external,” read the development guideline issued jointly by China’s cabinet, the State Council, and the Communist Party’s Central Committee.