Basic Thinking and Implementation Strategies for Fostering a New Dual Circulation Development Paradigm Through Institutional Opening-up
Since its reform and opening-up in 1978,China has undergone three major processes in terms of its domestic and international economic relations,from the parallel operation to the cross operation of its domestic and overseas markets,the export-oriented development model,to the new devel-opment paradigm featuring domestic and overseas markets reinforcing each other,showing an increasing initiative in its opening-up to the outside world.China's opening-up has driven its rapid economic and social development in all respects.However,it also exposes the inherent disadvantages of the long-term export-oriented development strategy.Coupled with the profound and complicated changes taking place in the development environment in China and abroad,it becomes inevitable to foster a new dual circulation development paradigm.Institutional opening-up has broken through the limits of the previous concept of opening-up,and it is a key link for China to transform its super-large economy into the advantage of a super-large market and reinforce each other between its domestic and overseas markets.However,China now still faces many problems such as most rules and regulations being formulated or controlled by the developed countries like the Europe and the United States,poor institutional coordination or even conflicts for the enterprises going global,insufficient institutional opening-up,and prominent market barriers in some sectors or regions in China.Thus,the primary task of ensuring smooth flow of domestic and overseas markets is to accelerate the institutional opening-up,continue to implement international and domestic opening-up and self-construction through institutional mechanism to break the institutional barriers in fostering a new dual circulation development paradigm.In the practical implementation,advanced institutions such as international rules,regulations,standards,and management should be intro-duced to strengthen the coupling and compatibility between the socialist market economy with Chinese characteristics and the vast overseas markets and align the international institutions with China's realities.Institutional innovations should also be made to push for China's institutions to be internationally recog-nized,make China's institutions consistent with international ones,as well as formulate and implement domestic institutions in a unified manner.The ultimate objective is to foster a new China-dominated multi-faceted and high-standard opening-up paradigm.
institutional opening-upa new dual circulation development paradigmthe Belt and Road Initiativeopening-up to the outside worldRCEP
万方数据
维普
