Research on the Impact of China's Dual Circulation Economic Strategy on Corporate Restructuring & Countermeasures in the Context of the US-China Game in the Post-Epidemic Era

Research Article
Open access

Research on the Impact of China's Dual Circulation Economic Strategy on Corporate Restructuring & Countermeasures in the Context of the US-China Game in the Post-Epidemic Era

Jiahang He 1*
  • 1 University of Warwick    
  • *corresponding author jiahang_jhh@163.com
Published on 13 September 2023 | https://doi.org/10.54254/2754-1169/22/20230330
AEMPS Vol.22
ISSN (Print): 2754-1177
ISSN (Online): 2754-1169
ISBN (Print): 978-1-915371-87-4
ISBN (Online): 978-1-915371-88-1

Abstract

As globalisation accelerates and deepens, the competition between China and the US in the 'global governance system' (GGS) becomes more intense. China's activism during the epidemic effectively filled the gap in global leadership created by the US government's belated, reckless, and misguided policies on preventive measures. Nevertheless, the epidemic has also exposed the Chinese industrial chain’s lack of resilience and government intervention in corporate planning. In response to China's growing economic and political power, the US, under the Trump and Biden administrations, has begun to promote reverse globalisation and hopes to limit the growth of Chinese companies through economic and technological decoupling from China (US-Sino decoupling). With the US unilateral decision to decouple, if the Chinese government does not regulate it through policy promptly, it could significantly impact the global supply chain and its own companies. Therefore, in the context of US-Sino decoupling, Chinese companies in the post-epidemic era must improve their own supply chain resilience and reduce the intensity of conflict with the US. This paper will use case studies and comparative analysis to explore the main problems China faces from the experience of other middle-power countries in their economic recovery against US economic sanctions and to provide effective countermeasures for implementing this objective in the context of a dual circulation economic strategy.

Keywords:

US-Sino Decoupling, dual circulation economic strategy, Post-epidemic era

He,J. (2023). Research on the Impact of China's Dual Circulation Economic Strategy on Corporate Restructuring & Countermeasures in the Context of the US-China Game in the Post-Epidemic Era. Advances in Economics, Management and Political Sciences,22,344-354.
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References

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Cite this article

He,J. (2023). Research on the Impact of China's Dual Circulation Economic Strategy on Corporate Restructuring & Countermeasures in the Context of the US-China Game in the Post-Epidemic Era. Advances in Economics, Management and Political Sciences,22,344-354.

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Volume title: Proceedings of the 2023 International Conference on Management Research and Economic Development

ISBN：978-1-915371-87-4(Print) / 978-1-915371-88-1(Online)
Editor：Canh Thien Dang, Javier Cifuentes-Faura
Conference website: https://2023.icmred.org/
Conference date: 28 April 2023
Series: Advances in Economics, Management and Political Sciences
Volume number: Vol.22
ISSN：2754-1169(Print) / 2754-1177(Online)

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References

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[3]. Hasan, F., Bellenstedt, M.F.R. & Islam, M.R.: Demand and Supply Disruptions During the Covid-19 Crisis on Firm Productivity. Glob J Flex Syst Manag 24, 87–105 (2023). https://doi.org/10.1007/s40171-022-00324-x (Access on 21st Feb.)

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[5]. Tang, F.: What is China’s dual circulation economic strategy and why is it important? China Marco Economy. https://www.scmp.com/economy/china-economy/article/3110184/what-chinas-dual-circulation-economic-strategy-and-why-it. (2020). (Access on 21st Feb.)

[6]. Clark, H. & Wong, A.: Did the U.S. Bilateral Goods Deficit With China Increase or Decrease During the US-China Trade Conflict?. Federal Reserve. Retrieved from: https://www.federalreserve.gov/econres/notes/feds-notes/did-the-us-bilateral-goods-deficit-with-china-increase-or-decrease-during-the-us-china-trade-conflict-20210621.html.(2021). (Access on 21st Feb.)

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[10]. Trading Economics.: Vietnam GDP Annual Growth Rate. [online]. Retrieved from: https://tradingeconomics.com/vietnam/gdp-growth-annual (2023). (Access on 25th Feb.)

[11]. Nguyen, M.: GDP contribution of manufacturing in Vietnam 2015-2021. Statistia. [online]. Retrieved from: https://www.statista.com/statistics/1047681/vietnam-gdp-contribution-of-manufacturing-sector/#:~:text=In%202021%2C%20Vietnam's%20manufacturing%20sector,over%20340%20billion%20U.S.%20dollars. (2023). (Access on 25th Feb.)

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[13]. The World Bank.: China: Share of manufacturing. [online]. Retrieved from: https://www.theglobaleconomy.com/China/Share_of_manufacturing/#:~:text=The%20latest%20value%20from%202021%20is%2027.44%20percent.(2021). (Access on 26th Feb.)

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[18]. Yao, K.: What we know about China's 'dual circulation' economic strategy. Reuters. [online]. Retrieved from: https://www.reuters.com/article/china-economy-transformation-explainer-idUSKBN2600B5 (2020). (Access on 28th Feb.)

[19]. Wang, H.: Research on domestic consumption expansion and upgrading under the background of economic “double cycle”. (2022). (Access on 1st Mar)

[20]. World Bank.: Final consumption expenditure (current US$) - China. [online]. Retrieved from: https://data.worldbank.org/indicator/NE.CON.TOTL.CD?locations=CN. (2020). (Access on 1st Mar)

[21]. He, J. & Wang, L.: China’s Participation in Global Economic Governance: From Being Governed, Passively Participating to Actively Reshaping. Doi: 1672-335X (2018)03-0080-07. (2018). (Access on 1st Mar)

[22]. Xue, Y. & Makengo, B.: Twenty Years of the Shanghai Cooperation Organization: Achievements, Challenges and Prospects. Open Journal of Social Sciences, 9, 184-200. doi: 10.4236/jss.2021.910014. (2021). (Access on 1st Mar)

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