The 2023 Financial Street Forum annual conference, held from November 8 to 10 in Beijing’s Financial Street, spotlighted China’s commitment to fostering international cooperation through its ‘dual circulation’ strategy. This approach emphasizes the interplay between domestic economic activity and international engagement to drive sustainable growth.
Amid a sluggish global economy fraught with challenges such as persistent poverty in developing nations, widening inequalities in developed countries, rising anti-globalization sentiments, and the escalating threats of climate change, China’s proactive stance offers a beacon of hope. The interconnectedness of today’s economies means that a country’s macroeconomic policies have far-reaching impacts beyond its borders, underscoring the need for collaborative solutions.
The ‘dual circulation’ paradigm seeks to strengthen China’s domestic market (‘internal circulation’) while leveraging international markets (‘external circulation’). By enhancing domestic demand and innovation, China aims to create a robust home economy that can better integrate with the global market. This integration is not just about economic gains but also about sharing growth opportunities and addressing common global issues through collective efforts.
Global economic governance currently faces a deficit, with traditional policy tools proving insufficient to tackle emerging challenges. The lack of effective international policies and instruments has hampered comprehensive economic recovery and slowed growth rates worldwide. China’s strategy advocates for policy synergy among nations, promoting shared growth and fair allocation of resources.
In embracing the ‘dual circulation’ model, China encourages other countries to collaborate in creating a larger ‘cake’ — expanding the global economic pie for all. This approach aligns with the pursuit of true multilateralism and democratic international relations, aiming to make global governance more equitable and just.
As nations grapple with complex economic and social issues, China’s emphasis on joint efforts and shared prosperity serves as a call to action. By working together, countries can address negative externalities and enhance positive outcomes, leading to a more stable and flourishing global economy.
Reference(s):
Foster international cooperation and 'dual circulation' paradigm
cgtn.com
