1 On China's new development strategy of dual economic cycles

YAO Shujie , FANG Jing

2020, 26(6):10-23. DOI: 10.11835/j.issn.1008-5831.jg.2020.09.002

[Abstract](909) [HTML](1686) [PDF 1.80 M](1309)

Abstract:
With the continuous escalation of US-Sino trade frictions and the on-going COVID-19 pandemic, a global economic recession seems inevitable. Faced with a series of risks and uncertainties, such as the shrinking of developed markets, the insufficient size of emerging markets, trade protectionism, etc., it is imperative to adopt a new development strategy emphasizing the dominant role of internal circulation and the complementarity of both the internal and external circulations to sustain China’s long term economic development in its long term effort of the great national rejuvenation. Based on China’s 40-years’ development achievements after the economic reforms and opening-up, this article discusses the current domestic and global economic situations, and analyzes why China should take the domestic economic cycle as the mainstay and exploit the complementarity of both the internal and external circulations before making some policy recommendations.

2 Realisticlogic, implementation path and era value of constructing the new development pattern of “dual circulation”

PU Qingping , YANG Conglin

2020, 26(6):24-34. DOI: 10.11835/j.issn.1008-5831.zs.2020.08.002

[Abstract](345) [HTML](1498) [PDF 1.52 M](2346)

Abstract:
The construction of a new development pattern with domestic large circulation as the main body and domestic-international double circulations mutually promoting each other is based on the realistic logic of responding to the counter-globalization trend, the COVID-19 epidemic and the transformation of economic development. To construct a new development pattern of "dual circulation", it is necessary to clarify its core meaning, open up the two ports of supply and demand, couple the three chains of industrial chain, supply chain and innovation chain, recycle the four elements of labor, land, capital and technology, as well as practice the five internal skills of new concepts, new technologies, new economies, new infrastructure and new mechanisms. It’s of great era value to construct a new development pattern of "dual circulation" under the new historical conditions, which will provide new ideas for solving the new dilemma of China’s economic development, point out a new direction for the sustained development of socialist economy with Chinese characteristics, as well as inject new impetus into the world’s new round of economic recovery.

3 From away market to home market: A new pattern of China's economic globalization

LIU Zhibiao , LING Yonghui

2020, 26(6):1-9. DOI: 10.11835/j.issn.1008-5831.jg.2020.09.001

[Abstract](371) [HTML](1137) [PDF 1.51 M](1440)

Abstract:
Faced with the increasingly complex situation of global economy, China’s pattern of economic globalization needs a drastic change in direction from focusing on away market to home market. The new pattern of economic globalization performs greater connectivity of domestic and foreign markets based on expanding domestic demand, and drives domestic enterprises to participate in the dual cycle of domestic and foreign markets with the development and growth of the domestic market. The key to China’s economic globalization in home market is to use domestic demand as a strategic basis, increase the input of advanced production factors, and transform the global value chain into a global innovation chain that can promote industrial upgrading. This need coordinated work which includes the theory of dynamic comparative advantage as guidance, the domestic value chain as support, the modern industrial clusters as carriers, the Internet Plus digital economy as opportunities, and the Belt and Road Initiative as links. Moreover, the most important basis and precondition is to make the domestic market unified, open, competitive and orderly as soon as possible. Its specific policy directions are resolutely protecting the vitality of market entities, building economic platforms to expand domestic demand and paying more attention to opening up internally.

4 Activating the vitality of civil society: The origin, foundation and governance of the “dual circulation” development pattern

PENG Xiaobing , WEI Dongping

2020, 26(6):35-43. DOI: 10.11835/j.issn.1008-5831.zs.2020.08.003

[Abstract](383) [HTML](1245) [PDF 1.52 M](954)

Abstract:
The COVID-19 epidemic outbreak, combined with the economic and trade disputes initiated by the US government, have posed great challenges to China’s economic development. The Political Bureau of the CPC Central Committee has proposed the strategic choice to accelerate the establishment of a "dual circulation" development pattern in which domestic economic cycle plays a leading role while international economic cycle remains its extension and supplement. However, at present, China is faced with such problems as high system cost, high financing cost, overcapacity of medium and low-end manufacturing industry, low disposable income of residents and unreasonable proportion of expenditure, which restricts the shaping of the "dual circulation" development pattern. Therefore, based on governance theory, focusing on the layout of the 14th Five-Year Plan, to build a "dual circulation" development pattern, we must activate the vitality of civil society, innovate the system of government governance, economic governance and social governance, lay a social and economic foundation in the aspects of system, social trust, economic structure, consumption structure and educational equity, through consumption driven by domestic circulation, investment driven by high-end industry and optimization of resource allocation to create a development environment full of trust, confidence and expectation.

5 Difficulties and countermeasures of promoting domestic and international dual cycle to improve economic and trade development under the global spread of COVID-19

SHEN Guobing

2021, 27(1):1-13. DOI: 10.11835/j.issn.1008-5831.jg.2020.09.006

[Abstract](1186) [HTML](914) [PDF 1.69 M](1419)

Abstract:
Since General Secretary Xi Jinping put forward "the formation of a new development pattern with domestic and international dual cycles as the main body and mutual promotion of domestic and international dual cycles", "dual cycles" have become a hot issue. The studies show that:1) The US-China economic and trade frictions overlapped with the global spread of COVID-19 have caused China's economic and trade development to encounter a "quadruple dilemma", namely, peer-to-peer countermeasures, pandemic shock, lack of trust, and political frictions. The new development pattern, which promotes the mutual promotion of domestic and international dual cycles, is a new era strategy to break through the "four dilemmas". 2) The relatively limited domestic effective demand in China determines the more need to promote the domestic and international dual cycles to achieve real mutual promotion. The ineffective supply of some domestic products and the insufficient effective supply of some high-end products determine that China needs to actively expand effective market demand and effective product supply under the pandemic. 3) We need adhere to the market-oriented allocation of factors and optimize the business environment, so as to make the market intersection of domestic and international dual-cycle mutual development bigger and stronger. 4) It is necessary to adopt multi-policy measures, such as building a dual-cycle overseas hub, supporting central city radiation, and implementing regional gradient complementary strategy, etc., to coordinate the promotion of full opening up, and to accelerate the formation of a large market with market-oriented allocation of factors, mutual promotion of domestic and international dual cycles, and orderly competition and integration to support sustainable economic growth in China.

6 New development pattern of domestic and international dual cycle:Theoretical logic and endogenous power

QIAN Xuefeng , PEI Ting

2021, 27(1):14-26. DOI: 10.11835/j.issn.1008-5831.jg.2020.09.007

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Abstract:
Faced with the global economic downturn and the continuous spread of COVID-19 epidemic, the uncertainty and instability of the international political and economic situation has increased. Based on theoretical logic and historical experience, it is not only the irreversible trend but also the inherent requirement of China's sustainable development of economy to build a new domestic and international dual cycle development pattern with domestic cycle as the main body, emphasizing linkage cycle, active cycle and dynamic cycle. In essence, the key to the formation of the new pattern lies in building a dual cycle endogenous power and fostering new advantages in international cooperation and competition. Specifically, it is to rely on the national strategy, take advantage of China's super large-scale market, multi-level consumer market and unified large market, to create a dual cycle endogenous market power. This need coordinated work which includes independent innovation as the core, and manufacturing service as the competitive new advantages, and the digital economy as a new opportunity to create a dual cycle industry support role. Moreover, it is important to improve the business environment, foster a dual cycle corporate dominant position, and form a high-level dynamic balance with higher quality supply and more dynamic domestic demand.

7 Economiclaw's response to the “dual circulation” development pattern

JIN Wenhui , GOU Xuezhen

2021, 27(1):27-38. DOI: 10.11835/j.issn.1008-5831.fx.2020.10.002

[Abstract](381) [HTML](1180) [PDF 1.66 M](1265)

Abstract:
The new development pattern, in which domestic economic cycle plays a leading role while international economic cycle remains its extension and supplement, is a strategic choice in the face of changes in the internal and external economic landscape such as anti-globalization, trade wars, and COVID-19 pandemic. Economic law, which is extremely sensitive to the market economy environment, has coupled with the new development pattern of "dual circulation" in the field of government-market relations, and the legal issues in the new development pattern are focused on the areas of macro-control law and market regulation law. However, economic law, known as "intervention-centered", "responsive" and "problem-oriented" law, the features of which jointly laid the foundation for its response to the new development pattern. In this regard, under the premise of adhering to problem orientation, the response of economic law can comply with the transition from an intervention-oriented government to a regulatory-oriented government as a whole. At the same time, macro-control law needs to adhere to the "discretion under the rule of law", and market regulation law also requires the synchronous advancement of system supply and regulation reform, so as to provide a sound economic legal guarantee for the new development pattern of "dual circulation".