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Dual Circulation and China¡¯s Development

Author

Listed:
  • Justin Yifu Lin

    (Institute of New Structural Economics, Peking University, Beijing 100871, China; Institute of South-South Cooperation and Development, Peking University, Beijing 100871, China; National School of Development, Peking University, Beijing 100871, China)

Abstract

In 2020, China proposed a new development paradigm centered on domestic circulation with a ¡°dual circulation¡± model in which domestic circulation and international circulation promote each other. This new paradigm reflects a clear understanding of China¡¯s development trend that saw its share of exports in the GDP declining steadily since 2006. However, the new paradigm does not necessarily mean that China should change its past policy of fully utilizing domestic and international markets and resources in economic development. Because of large economies of scale in modern manufacturing sector, China should continue to make full use of international markets.

Suggested Citation

  • Justin Yifu Lin, 2021. "Dual Circulation and China¡¯s Development," Frontiers of Economics in China-Selected Publications from Chinese Universities, Higher Education Press, vol. 16(1), pages 30-34, March.
    • Handle: RePEc:fec:journl:v:16:y:2021:i:1:p:30-34
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    File URL: http://journal.hep.com.cn/fec/EN/10.3868/s060-013-021-0002-7
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    Cited by:

    1. Lin Liu & Heinz Schandl & James West & Meng Jiang & Zijian Ren & Dingjiang Chen & Bing Zhu, 2022. "Copper ore material footprints and transfers embodied in domestic and international trade of provinces in China," Journal of Industrial Ecology, Yale University, vol. 26(4), pages 1423-1436, August.

    More about this item

    Keywords

    China; dual circulation; domestic circulation; international circulation; economic development;
    All these keywords.

    JEL classification:

    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development
    • O20 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - General

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