Dual circulation

Domestic-international dual circulation is a Chinese government strategy to reorient the country's economy to a "new development pattern" (新发展格局; Xīn Fāzhǎn Géjú) by prioritizing domestic consumption ("internal" or "domestic circulation"), making the economy more self-reliant in key sectors, reducing dependence on foreign markets, while also remaining open to international trade and investment ("external" or "international circulation"). Dual circulation involves making the domestic market less dependent on external fluctuations and shocks while also making the country's economy more indispensable to the outside world. The economic policy of dual circulation was first put forward in May 2020 by the Politburo Standing Committee of the Chinese Communist Party (CCP) and later revised by CCP General Secretary Xi Jinping to stress prioritizing "internal circulation".