An increase in regulations on the fintech sector in China will cause small banks to suffer disproportionately as compared to larger banks throughout the country, in an already challenging financial atmosphere.

China’s economy seems largely to have bounced back from the COVID-19 shock. It registered 4.9% annual growth in the third quarter of 2020, and the rate may well exceed 5% growth in the fourth quarter. The result would be at least 2% annual full-year growth – not bad at a time when much of the world is facing a pandemic-induced recession. But that doesn’t mean smooth sailing ahead.

Be prepared, be equipped, no decoupling, no dependence — these are the keys to dual circulation. China’s development is entering a new period in which it will change its way of influencing the world. Tremendous opportunities will come for all.

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’s 14th Five-Year Plan and vision for 2035 are logical and achievable under the leadership of the CPC. The recently adopted national development proposal lays out a clear road map.

Removal of institutional barriers, more transparency in domestic rules and a free flow of goods and services and factors of production will allow China to develop its gigantic market to its maximum potential.

Just as China led the world in economic recovery in the aftermath of the global financial crisis of 2008, it is playing a similar role today. Its post-COVID rebound is gathering momentum amid a developed world that remains on shaky ground. Unfortunately, this is a bitter pill for many to swallow – especially in the United States, where demonization of China has reached epic proportions.

This round will have special significance for the nation’s development and the world. China will achieve socialist modernization by 2035 while becoming an increasingly important part of a diverse global landscape.

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.