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00:00For decades China's opening up policy propelled its growth its export oriented model fueling an unprecedented economic expansion. But rising geopolitical tensions are prompting a shift in strategy. The new buzz word is dual circulation . First announced by President Xi in May. It aims to boost the economy's internal circulation making domestic production and consumption the main engine of growth with external support from foreign investments and technology. China is pushing for greater self-reliance as relations with the US and other nations worsen. And as the Corona virus weighs on global trade the challenges are enormous . While consumption as a percentage of GDP has climbed over the years the pandemic has weakened consumer spending. Government stimulus and investment are again doing the heavy lifting . Details of the new strategy are still scant and the term itself is vague. But like past slogans Xi Jinping dual circulation is expected to become concrete policy setting China's direction for the coming years .

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China's New 'Dual Circulation' Strategy for Growth

As China's economy emerges from the coronavirus, Xi Jinping's government is putting forward a new growth model based on economic self-reliance. The so-called "dual circulation" strategy is expected to shape the country's next five-year plan. Bloomberg's Tom Mackenzie explains. (Source: Bloomberg)

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