2020-09-05

15 Years Later: China Rebrands Rebalancing and Will Try Again

Remember how China was going to focus on domestic consumption to wean itself off the global economy? Caixin: Five Things to Know About ‘Dual Circulation’
What is dual circulation?

The idea first came up at a Politburo meeting May 14 presided over by Xi Jinping. At the meeting, the nation was urged to “fully bring out the advantage of China’s super-large market scale and the potential of domestic demand to establish a new development pattern featuring domestic and international dual circulations that complement each other.”

At another Politburo meeting in July, Xi said China should speed up its “dual circulation” growth model with a focus on expanding local output while drawing in foreign investment and stabilizing trade.

A meeting of the central committee for deepening overall reform Sept. 1 with Xi presiding again emphasized that accelerating the establishment of a new development pattern featuring dual circulation is a systematic deep-level reform concerning the overall situation of the country.

Now that Xi Jinping has rebranded rebalancing as his own invention, perhaps it will actually happen. Perhaps.

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