Economics and Management
· Exploring the New Development Pattern

In response to the new development situation and environment, China has proposed a new "dual circulation" development pattern in which domestic economic cycle plays a leading role while international economic cycle remains its extension and supplement. Prof. Zhu Heliang and his team's project delved into the strategic significance, connotations, and features of the new development pattern, seeking answers to the essential question:"What is new about the new development pattern?". In addition, it examined the mechanisms behind the formation of the new development pattern, the opportunities and challenges it faces, and proposed strategies to expedite its formation.

The new "dual-circulation" paradigm of dual proposed by the Party Central Committee in April 2020 has at least five major new changes compared to the previous development paradigm. First, there is a new focus in development, with more emphasis on the primacy of the domestic cycle. Second, there is a new emphasis on the key aspects of development, with more emphasis on smooth economic circulation. Third, there is a new foundation for development, placing greater emphasis on the security and stability of industrial and supply chains. Fourth, there are new changes in the nature of development, with more emphasis on self-reliance and self-reliance through science and technology. Fifth, there is a new philosophy guiding development, emphasizing the guiding role of the new development concept.

The article "What is new about the new development pattern?" by Prof. Zhu Heliang published in People's Daily