by China is traditionally "a nation of savers." This tradition needs to be reversed to achieve a "dual-circulation" economy, that is, a balance between domestic consumption and exports more in line with developed economies. Until now, China's growth has been export-driven. This makes China dependent on external markets; hence, liable to sanctions and protectionism. It also sets China up for being caught in the middle-income trap. The Chinese leadership is aware of both challenges and the dual-circulation policy was developed to counter this.China's GDP grew 5.5% year on year in the first half of 2023.ECNS (Chinese official English news service)China plans new policies to spur consumptionChina Daily (Chinese state-sponsored media)See alsoIndia PunchlinePolitics of hedging in the
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China is traditionally "a nation of savers." This tradition needs to be reversed to achieve a "dual-circulation" economy, that is, a balance between domestic consumption and exports more in line with developed economies. Until now, China's growth has been export-driven. This makes China dependent on external markets; hence, liable to sanctions and protectionism. It also sets China up for being caught in the middle-income trap. The Chinese leadership is aware of both challenges and the dual-circulation policy was developed to counter this.
China's GDP grew 5.5% year on year in the first half of 2023.
ECNS (Chinese official English news service)China plans new policies to spur consumption
China will focus on supply-side tech policy at Politbureau meeting