Caixin
Apr 12, 2022 09:31 PM
ECONOMY

Analysis: China’s Goal of Unifying Regional Markets Is to Create Common Standards, Not Increase Centralization

The pandemic hindered the effective circulation of factors of production, such as labor, weighing on the economic recovery. Photo: VCG
The pandemic hindered the effective circulation of factors of production, such as labor, weighing on the economic recovery. Photo: VCG

China’s leadership on Sunday released a policy document sharing its opinions on building a unified national market, aimed at breaking down local protectionism and dismantling other hurdles that prevent domestic markets from working efficiently.

The document is yet another step by policymakers in implementing “dual circulation,” an economic development strategy unveiled by President Xi Jinping in May 2020 amid rising geopolitical tensions between China and the U.S. The strategy involves making the economy more reliant on “internal circulation” — the domestic cycle of production, distribution and consumption — for its development, while being supported by “external circulation,” which relates to international trade and investment and other links with the rest of the world.

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