CHINA: New “dual circulation” policy aims to hedge decoupling risks

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New economic strategy reflects the Chinese leadership's recognition that they can no longer rely on unfettered access to foreign export markets and key foreign inputs. China is not abandoning globalization, but Beijing is seeking a hedged integration that preserves the benefits of globalization where possible, while also shoring up the vulnerabilities that interdependence creates. The strategy remains vaguely defined but is likely to focus on boosting domestic demand, reducing reliance on foreign technology, and shoring up weaknesses in domestic supply chains. China's top leadership
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