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20 January 2021
Author: Andrew Sheng, HKU
China watchers were puzzled by the country’s ‘dual circulation strategy’ when it first surfaced in 2020. Chinese President Xi Jinping called for the ‘formation of a new pattern of economic development’, given the rapidly changing global context, and the strategy is being embedded in China’s 14th Five Year Plan (2021–2025).
Xi stressed that the dual or ‘twin domestic and international circulations would mutually reinforce each other, but with the larger domestic circulation as the principal focus’. Alicia Garcia Herrero saw this as ‘bad news for others’ exports’, as China seeks ‘to reduce dependence on imports … in reaction to the US push to decouple global supply chains’.
For Sri Lankans Who Are In Limbo Due To China & America Conflict
Ernest Kithsiri
According to Dr.Kishore Mahbubhani, until 1800 China and India were the biggest economies in the world. Since they were the countries with biggest populations, we can assume above statement has some validity. Since 1800, above status began to change due to the Industrial revolution in Europe and America, which he considers as an “aberration”. He further believes, this anomaly should correct itself with the rise of China and thereafter India. Will we ever see it?
In 1950, in PPP terms, Americas GDP share (as a percentage of world GDP) was 27.3% while China had only 4.5%. In 1990, America was 20.6% and China was 3.86%. However as of 2018, America’s GDP share percentage was 15 while China was at 18.6.