Development of China’s High-Tech Exports Under the Implementation of the Dual Circulation Strategy

Abstract

AbstractThe paper aims to reveal trends in the development of China’s high-tech exports under the dual circulation strategy and identify the main problems and challenges for developing China’s high-tech exports. The methodological basis of the research is presented by the foreign trade theories. During the research, the authors applied general scientific methods, systematic approach, and economic-statistical methods. Information basis is presented by the data of China’s National Bureau of Statistics, World Bank, UNCTAD, and WIPO. China has become one of the world’s centers for high-tech production. It plays a vital role in global high-tech value chains. Simultaneously, there are some considerable challenges for developing high-tech exports in China, including a low level of national value-added, domination of processing trade and foreign-invested enterprises. Nowadays, China’s export-oriented development model based on the absorption of foreign technologies and foreign direct investment loses its effectiveness and does not result in sustainable economic growth. Thus, strengthening independent innovation and mastering smart technologies are the top priorities of China’s industrial transformation. The paper reveals the trends in the development of China’s high-tech products exports under the implementation of a dual circulation strategy. Moreover, it identifies the main problems and challenges for its development.KeywordsHigh-technology productionHigh-tech products exportsInnovation-driven economyDual circulation strategyForeign direct investmentChinaJEL ClassificationF10F14L52O00O25O30