China’s «Dual Circulation» Policy

Abstract

After the start of pandemic of COVID-19, China proposed an open-ended model of «domestic circulation as the mainstay and mutual promotion of internal and external circulation» in 2020, in the face of a further global economic downturn, geopolitical conflicts, and a re-alignment of the global supply chain. The «dual circulation» economic policy is the research subject of this paper. This paper examines the domestic cycle, as well as the international and domestic dual cycle, and examines China's «dual cycle policy» in terms of international competition and cooperation. It primarily defines the strategy's purpose, background reasons, influencing factors, and two-level characteristics. According to the research findings, China's long-term economic strategy will be «dual circulation»