New development paradigm within the Chinese 14th five-year plan - Chinese vision of modern China

Abstract

“Dual Circulation” is the new Chinese development paradigm introduced in the latest 14th Five-Year Development Plan. The author of this article explains the origin of the paradigm, how it will be implemented, as well as the main challenges that that present an obstacle to achieving the planned goals. “Dual Circulation” is the logical step in the evolution of the Chinese economy, and the planned results are ambitious. The main challenges in the implementation of the new development concept will be to expand the domestic demand, have more equal regional development, increase the domestic income, implement changes within hukou, increase the high skilled labour force, change the culture of savings, reform the state-owned enterprises, and have innovative development. The main expected changes within the world economy will be regionalization, increased selfreliance, and changes within global production and supply chain.

Keywords

• new development paradigm
• china
• 14th five-year plan
• dual circulation
• challenges
• changes