Summary of Content:

In the new stage of development, China has put forward the concept of "foster a new development paradigm with domestic and international dual circulation". At present, with the increase of global risk factors, the dual cycle strategy focuses more on the internal cycle, strengthens the construction of domestic economic integration, and enhances the ability to resist the risks brought by external uncertainty, which is an organic combination of short-term response, medium and long-term development.

The proposal of the dual circulation development pattern with domestic circulation as the main body is the solution to great powers games and anti-globalization trend of thought in the short term. It is also the inevitable choice for China's economy to achieve high-quality development in medium and long-term development.

The Chinese economy has shifted from high-speed growth to high-quality growth and is crucial for transforming the growth model, improving the economic structure, and changing the drivers of growth. We are faced with difficulties and challenges caused by the interconnected structural, institutional and cyclical issues.

2021 is the beginning year of the "14th Five-Year Plan". The strategic transformation and replacement will be the core theme of the economic operation in 2021. It moves toward "a new development paradigm with domestic circulation as the mainstay and domestic and international circulations reinforcing each other".

Author's Introduction:

Liu Yuanchun: PhD in Economics, vice president of the Renmin University of China, member of China Finance 40 Forum, vice chairman of the Teaching Guidance Committee for Public Management Major in Higher Educational Institution of the Ministry of Education, chief expert of the "horse project" of Publicity Department of the CPC Central Committee, distinguished professor of Changjiang Scholars, member of the "14th Five-Year Plan" expert committee, and winner of Sun Yefang's Economics Award.

Liu regularly attended the expert forum on the national economic situation, as an invited expert by the Central Policy Research Office of the CPC Central Committee, Research Office of the State Council, the Monetary Policy Committee of the People's Bank of China, the National Development and Reform Commission, the Ministry of Finance and other departments. He served as a special financial expert for CCTV and other media.

Liu's main research fields are open macroeconomics and world economics.

Abstract:

The concept of "foster a new development paradigm with domestic circulation as the mainstay and domestic and international circulations reinforcing each other" was first put forward at the seventh meeting of the Central Financial and Economic Commission in April 2020 and was repeatedly raised in other significant conferences. The concept was written into the14th Five Year Plan for National Economic and Social Development of the People's Republic of China and the Long-Range Objectives Through the Year 2035 issued in March 2021.

"Understanding the New Development Pattern of Dual Circulation" systematically explained the idea and relationship of domestic and international circulation. It also analyzed the necessity of forming the dual circulation strategy and its potential challenges. Moreover, the book also contributed ways to implement the dual circulation strategy in Chinese society.

This book provides a systematic and comprehensive interpretation for policymakers, economic workers, enterprise managers, investors and economic researchers of Party and government organizations at all levels. It is a concise and popular book for learning, understanding and grasping the new development pattern of dual circulation.