China unveiled the Dual Circulation strategy in the midst of slowbalization and rising US-China strategic competition. The strategy has two main aims: to spur demand at home and embrace globalization. While the Hong Kong government and local businesses welcome Dual Circulation as it will bring new business opportunity, foreign businesses remain cautious on the potential ramification. According to the latest AmCham China's White Paper, the emphasis of self-reliance in emerging technologies has created concerns in the business community that China will prioritize the acquisition of critical technology without allowing foreign firms to compete on a level playing field.
Key questions to be addressed:
- What are the risks and opportunities for international companies?
- In order for internal circulation to work, does it mean China eventually need to rebalance income towards ordinary households?
- Will we see supply chains shift out of China as wages go up to boost domestic consumption?
- Will China remain manufacturing hub of the world?
AmCham is pleased to have Andy Xie, an independent economist and Stephen Olson, a veteran trade specialist, to unpack China's dual circulation and its impact.
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