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Dual Circulation: a New Structural Economics view of development

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  • Lin Justin Yifu
  • Xiaobing Wang

Abstract

This paper provides a detailed account of China’s Dual Circulation Development Paradigm and examines its theoretical foundation from the perspective of the New Structural Economics approach. The purpose of this Paradigm is to shift the focus from foreign to domestic circulation as the major driving force for China’s sustainable development, and to emphasize the importance of a positive reciprocal relationship between domestic and international economic circulations. This paper argues that aim of the Paradigm is to facilitate a qualitative leap in industrial upgrading to achieve both a higher-quality domestic circulation and a higher-level of international circulation. By explaining the development thinking from the Chinese policy-makers’ perspective, this paper also casts light on growth and development issues facing other countries.

Suggested Citation

  • Lin Justin Yifu & Xiaobing Wang, 2022. "Dual Circulation: a New Structural Economics view of development," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 20(4), pages 303-322, October.
    • Handle: RePEc:taf:jocebs:v:20:y:2022:i:4:p:303-322
    DOI: 10.1080/14765284.2021.1929793
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    Citations

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    Cited by:

    1. Popov, Vladimir, 2023. "Can China maintain high growth rates under the “dual-circulation” decoupling?," MPRA Paper 117953, University Library of Munich, Germany.
    2. Jiangyuan Fu & Huidan Xue & Fayuan Wang & Liming Wang, 2023. "The Impact of High-Quality Energy Development and Technological Innovation on the Real Economy of the Yangtze River Economic Belt in China: A Spatial Economic and Threshold Effect Analysis," Sustainability, MDPI, vol. 15(2), pages 1-14, January.
    3. Jia-Jia Ou & Ling-Yun He, 2023. "Opportunity or Challenge? Carbon Emissions Reduction under New Development Pattern of Dual Circulation," Sustainability, MDPI, vol. 15(3), pages 1-14, January.
    4. Jingyi Wang & Shuguang Liu & Yubin Zhao, 2023. "Spatial–Temporal Evolution and Driving Factors of Economic Dual Circulation Coordinated Development in China’s Coastal Provinces," Sustainability, MDPI, vol. 15(14), pages 1-21, July.
    5. Zhang, Lili & Yang, Dexiang & Guo, Yunfei, 2023. "Dual circulation development model and credit growth," Finance Research Letters, Elsevier, vol. 55(PA).
    6. Peter Rangazas & Xiaobing Wang & Yuxiang Zou, 2022. "China's efficient urban bias," Pacific Economic Review, Wiley Blackwell, vol. 27(3), pages 223-253, August.

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