"Xi Jinping's Third Term... Need to Establish Expansion Strategy Aligned with 'Chinese-style Modernization'"

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[Asia Economy Reporter Han Yeju] There have been calls to establish entry strategies aligned with Chinese-style modernization as Xi Jinping begins his third term.

The Korea International Trade Association (KITA) International Trade and Commerce Research Institute released a report on the 1st titled "China's Economic Development Direction and Our Companies' Response Strategies after Xi Jinping's Third Term."

China held the 20th National Congress of the Communist Party of China (hereinafter referred to as the Party Congress) from October 16 to 22, confirming Xi Jinping's third term as President of China.

At the 20th Party Congress, five economic development directions were presented with the goal of "Chinese-style modernization": quality growth, modernization of the economic system, promotion of science and education, common prosperity, and green growth. Among these, quality growth and modernization of the economic system were emphasized as the top priorities.

According to the economic development directions announced at the 20th Party Congress, the Chinese government is expected to focus on revitalizing the domestic circulation and enhancing technological capabilities, prioritizing policies such as new infrastructure, new urbanization, Internet Plus, Made in China 2025, and the dual circulation strategy.

Accordingly, the report suggested the following four response strategies considering China's economic development direction and key policies.

First, actively establish entry strategies for industries expected to experience rapid growth, such as next-generation infrastructure, smart manufacturing, and inland development. Second, propose entry plans considering specialized industries in 19 key city clusters and coordinated development between core cities and surrounding cities. Third, target the consumer markets in China's second- and third-tier cities and rural areas in line with China's consumer-driven growth model. Lastly, utilize China's startup ecosystem as a testbed for our startups and consider market entry strategies through attracting local talented personnel.

This content was produced with the assistance of AI translation services.