China can no longer rely on its old development model, nor can India
India’s exports/GDP ratio was slightly higher than China’s in 2019
November 02, 2020 / 11:06 AM IST
Trade (Image: Reuters)
Chinese president Xi Jinping has stressed that China needs a new development model that seeks to leverage its vast domestic market by boosting consumption. The PTI copy said, ‘While the 14th five-year plan envisages a massive overhaul of the country's domestic market to boost consumption in order to reduce China's reliance on shrinking exports markets, the Vision 2035 visualises a long-term plan, reflecting the development vision of Xi.’
But how important are exports to China’s development? Well, according to World...