A "Dual Circulation" Development Pattern: Profound Connotation, the Background and Suggestions

Xi Jinping, general secretary of the Central Committee of the Communist Party of China (CPC), urged to give full play to the advantage of a huge domestic market and domestic demand potential, so that a new development pattern will gradually be created whereby domestic and foreign markets can boost each other, with the domestic market as the mainstay. The profound connotation and the background of a "dual circulation" development pattern has been explained, conforming to a period of major change that's rarely seen in a century, and serving the strategic overall situation of the great rejuvenation of the Chinese nation. It is also the active strategic choice to win the new advantage of international competition. Through the structural reform of supply-side to smooth the domestic economic cycle further, accelerating the establishment of a "dual circulation" development pattern makes foreign industries more dependent on China's supply chain and industrial chain, and more dependent on China's huge consumer market, so that China will promote a higher level of opening up and realize dual circulation. A "dual circulation" development pattern will be established starting with forming a complete domestic demand system in four aspects: Ⅰ. Accelerating the construction of a unified, open and orderly modern market system; Ⅱ. Accelerating the construction of a modern industrial system led by innovation and coordinated development; Ⅲ. Accelerating the establishment and improvement of an income distribution system that reflects efficiency and promotes fairness; Ⅳ. Accelerating the transformation and upgrading of consumption and reshaping the new consumption system in the new-style urbanization.