Two circuits: China defined with globalization

Abstract

China has made achieving technological independence its top priority for years to come. China has turned a "crisis into an opportunity" in its response to the US trade war. China's industrial capabilities have been fully confirmed during the fight against the COVID-19 epidemic. The emergence and adoption in China of the concept of “two circuits” (dual-circulation”) means the predominant reliance on the internal circuit compared to the external. The old strategy focused on external markets and external resources helped China to become a "global factory". But times and China have changed: the domestic market of the country has huge potential, and tendencies towards de-globalization have spread abroad. The economic activity of the PRC turned towards the internal market and internal regions of the country. The state came out in defense of the market - against large international monopolists, no matter domestic or foreign. This posture opposes the sluggish economic dynamics in the industrial centers of the West caused by the monopolization of domestic markets by large and super-large transnationals, who overwhelmed governments, other branches of state power, many international and non-governmental organizations by narrowing and exploiting the market space. "Two circuits", as well as "self-reliance" in China, have a pronounced socialist orientation.The escalating US campaign for technological pressure on China is backfiring. The country is committed to further strengthening its growing technological prowess. China has thrown a strong challenge to Western domination, which has more than just an economic dimension. China has an increasing impact on the world and - less dependent on it.