China’s dual circulation plan is bad news for other countries’ exports

Minds in Beijing are focusing increasingly on the upcoming meeting of the Chinese Communist Party Central Committee next month. High on the body’s agenda will be sketching out a new, official five-year plan for Asia’s largest economy. A freshly coined buzzword looks set to play a leading role in these discussions: “dual circulation”. The new term has won a featured place in speeches and state media reports since May, even though its precise meaning has been left somewhat ambiguous. What matters for China’s foreign partners is that the arrival of dual circulation strategy looks set to mark a drive to reduce dependence on imports, particularly of high-end manufacturing equipment and inputs. While this would come in reaction to the U.S. […]