TITLE:
A Comparative Study of Dual Circulation Development Pattern in China and the United States
AUTHORS:
Qing Guo, Jiaxin Xue, Rong Gao
KEYWORDS:
China and America Dual Circulation Economy, Similarity, Differences
JOURNAL NAME:
American Journal of Industrial and Business Management,
Vol.12 No.5,
May
31,
2022
ABSTRACT: The proposal of
constructing the new pattern of dual circulation development is the product of
the comprehensive effect of internal and external factors in the new stage of China’s development, which meets
the needs of China’s economic and social development. Based on the
comparative study of the internal and external circulation development of China
and the United States, this paper concludes the similarities and differences of
these two countries in the dual circulation development. The similarities
mainly include: First, the early
export-oriented economy gathered strength; Second, the industrial foundation is relatively solid; Third, China and the US
have a strong domestic demand. The differences mainly include: First,
the technological strength of the US is superior to that of China; Second, the
US has the hegemony of the world currency; Third, the external environment for
the development of the US is superior; Fourth, China’s real economy is more
stable. Through comparison, this paper finds that: First, the early
export-oriented economic development provides the economic foundation for the
dual circulation transition; Second, the industrial base is the prerequisite
for the positive interaction between
internal and external circulation; Third, the huge domestic consumption
demand is the driving force for the development of internal cycle. Based on the
above research, this paper puts forward the corresponding policy enlightenment.