The #dualcirculation with domestic circulation as mainstay underlines proactive opening up, says Xu Qiyuan, CF40 Resarch Department Head...1/7
China has accelerated opening up since May 2020. However, the external environment is becoming "more unstable and uncertain"- foreign supply chains on the supply side are unstable, protectionism on the demand side prevails, and the global economy is in deep recession...2/7
As a result, international circulation will encounter shocks, the effect of opening up will be affected, and China could even face a passive situation in opening up...3/7
From a domestic perspective, despite COVID19’s blows, the economic fundamentals in China have not changed, the potential of development is huge, and domestic economic policies can do a lot in the future...4/7
However, there are also outstanding structural problems in China, and it is necessary to “stimulate all links of production, distribution, circulation, and consumption" and "promote the integration of efficiency and fairness"...5/7
Efficiency corresponds more to the production links and attaches more emphasis on high-quality development, while fairness corresponds more to the distribution link, and fair distribution will bring production and consumption a smoother circulation...6/7
As opening up faces greater uncertainty and marginal benefits weakens,taking domestic circulation as mainstay means domestic reforms and economic circulation will be policy focus next. However the world changes, China only needs to concentrate on getting its own business done.7/7
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