The country’s self-sufficiency rate has stayed at around 80 percent, but as it transitions to lower carbon, issues affecting energy security are becoming more prominent. Underlying these are structural problems, starting with high dependence on overseas energy.

As China focuses on the pursuit of common prosperity, reforms should encourage making the overall cake bigger, so that more can find its way to labor. This will unleash consumption as a growth driver and bring many other benefits.

The historical promise from the CPC to the Chinese people has been kept. The concept of common prosperity also has significant developmental implications in rebalancing the world economy. It does not mean killing the rich to help the poor.

Correctly understanding each other’s policies will avoid sinking into an infinite negative loop. Speculation about China-U.S. financial decoupling has returned. But politicization of financial matters will only do further damage to the already deteriorating bilateral relationship.

There is a global shift towards a new economic philosophy, which both Washington and Beijing are grappling with. Open understanding of both economies could help the two countries establish the foundation for cooperation.

China’s position in the global markets as a source of cheap labor has evolved into a dynamic new phase, that requires new solutions to bridge China’s past with its promising future.

By keeping the CIIE open as other expos closed their doors in the face of the pandemic, China demonstrated its commitment to an open economy and its desire to share the country’s huge domestic market.

China is not signaling that it favors decoupling. The world is simply returning to the era of economic sovereignty. China must act adroitly as the world’s largest supplier goods and its biggest marketplace.

A new interpretation of China’s reform and opening-up is designed to more effectively coordinate the country’s economy with the rest of the world. The key to institutionalizing China’s domestic market is attracting more international investment.

China’s leaders are currently putting the finishing touches on the country’s 14th Five-Year Plan, which will cover the 2021-25 period. But one aspect of the plan – the so-called dual-circulation strategy – is already attracting the world’s attention. Many fear that China is “turning inward” just when the global economy is staring down the barrel of a recession. These fears are misplaced.