Open cycle

While the domestic market is key to the new development paradigm, "dual circulation" is by no means a closed domestic loop.

China will work to promote the coordinated development of both domestic and external demand, imports and exports, as well as foreign and outbound investment, the draft outline said, stressing that the country stays committed to further opening-up.

Ning Jizhe, deputy head of the National Development and Reform Commission, said that the country would further improve the business environment for foreign investment, implementing policies including cutting the number of sectors off-limits for foreign investors and incentivizing overseas investors in participating in the high-quality development of its manufacturing industry.

For Li Dongsheng, chairman of Chinese electronics giant TCL Group and a national lawmaker, the "dual circulation" is not only a development strategy at the national level, but also reflects the development needs of Chinese enterprises amid rising anti-globalization sentiment.

While proposing that China should step up policy support for tech innovation to smoothen the domestic cycle, Li also suggested the government mobilize resources to facilitate the global operation and layout of firms.