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Domestic-international dual circulation (simplified Chinese: 国内国际双循环; traditional Chinese: 國內國際雙循環; pinyin: guónèi guójì shuāng xúnhuán) is a Chinese government strategy to reorient the country's economy by prioritizing domestic consumption ("internal" or "domestic circulation") while remaining open to international trade and investment ("external" or "international circulation").[1][2][3] The first academic study on dual circulation defined it as "the domestic consumption-driven economic rebalancing to achieve sustainable economic development".[4]
The economic policy of dual circulation was put forward on 14 May 2020 by the Politburo Standing Committee of the Chinese Communist Party (CCP)[5] and later revised by CCP General Secretary Xi Jinping to stress prioritizing "internal circulation".[6] Dual circulation involves expanding domestic demand, focusing on the domestic market, improving the country's capacity for innovation, reducing dependence on foreign markets, and at the same time remaining open to the outside world.[2][7][8]
SCMP dual circulation explainer
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