China’s “Dual Circulation”

Photo by Chastagner Thierry on Unsplash

Despite much of the current discussion about China’s “dual circulation” strategy centering on increasing domestic consumption and developing indigenous technologies, particularly chip-making, I think, in order to get a better understanding we would have to treat both domestic consumption and exports as one process of circulation. The “dual circulation” connotes the transformation of one flow into another. The basic idea of Chinese…