25 February 2021

  • China’s top leaders have set out their top priorities for 2021 to 2025: achieving self-reliance in science and technology, and “dual circulation”.
  • Self-reliance in science and technology means accelerating the development of vital high-tech industries such as semiconductors to ensure that China can develop regardless of US “threats”.
  • Dual circulation means encouraging production for domestic markets as well as for export markets, and upgrading China’s internal logistics systems so as to build a unified national market.
  • China is also committed to restructuring the energy sector and energy-intensive industries so as to meet the target of peak carbon emissions by 2030.
  • The investment implications are obvious: China’s demand for Australian coal and iron ore will not be rising.