Premier Li Keqiang declared in his Government Work Report to the NPC (March 5): "We will give priority to domestic circulation, and work to build a strong domestic market and turn China into a trader of quality. We will leverage the flows of the domestic economy to make China a major magnet for global production factors and resources, thereby promoting positive interplay between domestic circulation and international circulation." His reference was to China's ambitious economic agenda for the next 15 years to be approved at the ongoing NPC session, which will endorse the new “dual circulation” strategy – comprising “domestic circulation” and “international circulation” – a framework first coined by Xi Jinping last year. If successful, it will have profound implications for global economics and geopolitics. The strategy hopes to encourage greater reliance on China’s enormous internal market (“domestic circulation”) for growth and technological innovation, rather than on capital-intensive growth, low-value exports and imported technology as in the past. The other part of the strategy, “international circulation”, will focus on China’s “Made in China 2025” (MIC 2025) with the aim of upgrading its manufacturing base through the integration of information technology, increasing the indigenous content of higher-end technology products, reducing reliance on foreign inputs and becoming technologically more self-sufficient. It aims to position China as the leading source of critical technologies and industrial outputs of the future across the value chain – in design, manufacturing processes, technology and material inputs, and finished products – in high-priority sectors including next-generation information technology, robotics, aerospace, high-speed rail, green energy, biopharma and new materials. Chinese and foreign think tanks estimate that the MIC 2025 plan hopes to capture 40–80% of the global value chains in these sectors between 2020 and 2030.