China's Dual Circulation Strategy: An Overview of the Key Drivers

Abstract

Introduction. This article provides an overview of the main driving forces behind China's dual circulation strategy. The dual circulation strategy was introduced by China in 2020, with the aim of reducing its dependence on foreign economies and boosting its domestic economic growth. The strategy seeks to strengthen the domestic market, particularly in high-tech industries, and create a self-sufficient economy. The objective of this study is to provide an overview of the main driving forces behind China's dual circulation strategy. The methodology used in this study consists of a comprehensive literature review of academic journals, government reports, and news articles. The data were analyzed using a qualitative approach to identify the key driving forces behind the dual circulation strategy. The results indicate that the dual circulation strategy is driven by a combination of domestic and international factors, including China's efforts to reduce its dependence on foreign markets, its desire to stimulate domestic consumption, and its need to support the growth of domestic industries. The findings of this study can provide valuable insights for policymakers, business leaders, and researchers who are interested in understanding the motivations behind China's dual circulation strategy and its potential impacts on the global economy.