China will focus on self-reliance and cutting financial risk, says Vice-President Wang Qishan

China will focus on self-reliance and cutting financial risk, says Vice-President Wang Qishan

Chinese Vice-President Wang Qishan made his first speech in nearly a year on Saturday, sending a message that Beijing will focus more on economic self-reliance and financial risk ahead of a crucial Communist Party gathering.

Speaking through a video-link, he told the 2020 Bund Summit in Shanghai that the country would rely more on domestic markets and innovation to drive growth in the world’s second largest economy, pivoting away from the previous export-oriented and investment-led pattern.

“The momentum of the international circulation where China’s economic markets and resources are located has significantly weakened in recent years, [but] the contribution of domestic demand to economic growth has become increasingly strong” Wang said.

He said the country should make innovation and self reliance its “economic driving force” rather than relying on “international markets and resources”.

Wang is President Xi Jinping’s right-hand man, but has not given a public address since December last year despite attending most top level ceremonial events this year, including Xi’s speech on the 70th anniversary of the Korean war on Friday.