The political and economic thinking behind China's concept of “dual circulation”
As China strives to become more self-reliant, the Chinese Communist Party is keenly promoting a strategy it calls "dual circulation". This pushes for more goods and services to be developed in China, serving domestic consumers, while at the same time China keeps up enthusiastic trade with the rest of the world. The Party takes the view that the state must play a central role in business activity. But can state-run entities thrive in a competitive environment? Dr Eunsuk Hong, who lectures on...