However, it is also important to recognize that the external environment is becoming more complex and severe. Major economies have weak growth momentum and heavy debt burdens, and the global economic growth rate is expected to remain below the long-term trend value of 2000-2019 over the next five years. Global trade protectionism is intensifying, with some countries recently imposing additional tariffs on China's "new three major products". In particular, after the change of government in the United States, there is a high likelihood of new uncertainties in U.S. policy towards China. All of these factors can have adverse effects on China's foreign trade through channels such as trade, investment, and confidence.
The key to addressing external challenges is to do our own work well. On one hand, by further comprehensively deepening reforms, accelerating the construction of a new development pattern with domestic circulation as the main body and domestic and international dual circulations promoting each other, developing new quality productive forces according to local conditions, further leveraging China's advantage of having an ultra-large-scale market, and fostering new drivers of economic development and new advantages in international competition. On the other hand, seizing the window of improved market expectations since September 24th, implementing existing policies promptly, introducing incremental measures in a timely manner, increasing counter-cyclical adjustments, promoting the economy to return to a reasonable range, preventing and resolving risks in key areas, and further boosting market confidence.
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