Exploring the Path of High-Quality Economic Development in a Double-Circulation Pattern

Shouhai Ding and Zheng Xu
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Shouhai Ding: School of Applied Economics, Renmin University of China, Beijing 100872, China
Zheng Xu: School of Applied Economics, Renmin University of China, Beijing 100872, China

Frontiers of Economics in China-Selected Publications from Chinese Universities, 2022, vol. 17, issue 3, 516-534

Abstract: Since the start of the reform and opening up in 1978 China’s economy has grown rapidly, but the quality of development is relatively low. With the transformation of the principal social contradiction, low-quality development cannot respond to the needs of this situation. The central authorities proposed a new development pattern whereby domestic circulation and international circulation can boost each other, with domestic circulation as the mainstay. In the Fifth Plenary Session of the 19th Central Committee of the Communist Party of China (CPC), the CPC Central Committee stressed that we should promote high-quality development as the theme to meet the growing needs of people for a better life. To solve the problem of inconsistent economic growth rate and quality of development, this paper starts by adjusting the relationship between domestic circulation and international circulation with domestic circulation as the mainstay, discusses how to create conditions for consumption upgrading and industrial upgrading from both supply and demand ends, and expounds on how to use international circulation to promote domestic circulation and better bring in international forces, so as to explore how to achieve high-quality economic development under the double-circulation pattern. Besides, the paper puts forward corresponding countermeasure suggestions.

Keywords: double-circulation; high-quality economic development; demand side; supply side (search for similar items in EconPapers)
Date: 2022
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