Beijing sets new course

Focus switches to domestic market as export growth falters, writes Yu Jie

The World Today Published 5 February 2021 Updated 4 February 2021 4 minute READ

Every four years or so China presents the world with a new strategy or programme. Deeply rooted in the Chinese political system, they are expressed in simple slogans that often cause a great deal of excitement and confusion, both abroad and within China. Past examples include ‘Peaceful Rise’, ‘New Great Power Relations’ and ‘Belt and Road Initiative’, the $200 billion investment programme launched in 2013.     

In response to the coronavirus pandemic and a tougher international environment, a new concept has emerged, the ‘Dual Circulation’ strategy, that promotes domestic demand to displace the old motors of the Chinese economy – capital investment and exports – as the source of growth and employment in decades to come. 

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