What are the consequences of the failure of “dual circulation” in China?

Xi Jinping introduced the concept of “dual circulation” during the “two sessions” in May 2021 . Th e economic policy strategy aims to simultaneously stimulate the domestic market (internal circulation) and the external market (international circulation). This concept can also be supplemented by the choice of strategic autonomy: not to depend on imported products for important goods (the “Made in China 2025”). Dual circulation sought to be stabilising by not making China dependent on a single market (internal or external). But it must be realised that this strategy is now failing: domestic demand is sluggish in China, with an ageing population that is ill-prepared, excessive debt and political risk. China's growth comes essentially from exports, which creates a great deal of fragility at a time when tensions between China and the rest of the world are high.