Justin Yifu Lin
Author information
Institute of New Structural Economics, Peking University, Beijing 100871, China; Institute of South-South Cooperation and Development, Peking University, Beijing 100871, China; National School of Development, Peking University, Beijing 100871, China
E-mail: justinlin@nsd.pku.edu.cn
In 2020, China proposed a new development paradigm centered on domestic circulation with a dual circulation model in which domestic circulation and international circulation promote each other. This new paradigm reflects a clear understanding of China's development trend that saw its share of exports in the GDP declining steadily since 2006. However, the new paradigm does not necessarily mean that China should change its past policy of fully utilizing domestic and international markets and resources in economic development. Because of large economies of scale in modern manufacturing sector, China should continue to make full use of international markets.
China, dual circulation, domestic circulation, international circulation, economic development
Justin Yifu Lin. Dual Circulation and China's Development. Front. Econ. China, 2021, 16(1): 30‒34 https://doi.org/10.3868/s060-013-021-0002-7
