China Economy to focus more on Local Market

Huang Qifan, former mayor of Chongqing said at the annual International Finance Forum that the country needs to be more dependent on its local market as it opens up its market for further global trade. He also claimed that foreign trade can decline to about 25% and that the domestic market will grow with the increase in the income of the middle-class population.

He also mentioned that the new structure led by the internal circulation does not mean involution and will help the country in opening its economy globally.