A Comparative Study of Dual Circulation Development Pattern in China and the United States

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 foun dation is relatively solid; Third, China and the US have a strong domesti c 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 con sumption demand is the driving force for the development of internal cycle. Based on the above research, this paper puts forward the corresponding policy enlightenment.