Development Reorientation of China’s Free Trade Zones under the New Development Paradigm of Dual Circulation: On the Reform Path of Free Trade Zones for the High-Quality Development of China’s Economy

Abstract

Against the backdrop of China’s development reality for the time being and upholding the basic logic of boosting the high-quality development of China’s economy, the authors give the historical background, realistic logic, theoretical connotation, and strategic significance of the new development paradigm of dual circulation a thorough interpretation. On this basis, the authors conduct a detailed analysis of the development path between China’s Free Trade Zones (FTZs) and the new development paradigm of dual circulation, as well as the new orientation of FTZs under this paradigm. Focusing on systems thinking, the new development paradigm of dual circulation not only opens up a new realm of open economic theory with Chinese characteristics but also enriches the socialist political economy with Chinese characteristics. From the perspective of the new development paradigm of dual circulation, China’s FTZs serve as a reform test field and a powerful starting point for driving the high-quality circulation of China’s economy. From another perspective, it is also an open bridgehead and a significant window for China to participate in international economic circulation. In this sense, China’s FTZs remain the key hub linking domestic and international circulations. China’s FTZs should be given greater reform autonomy. While focusing on the differentiated exploration and development models, the dividends of the first trial system should be fully utilized to integrate China’s FTZs into the national open development strategy. Thus, high-level open practice can be anticipated to boost the virtuous circle of domestic and foreign economies, with concerted efforts and drive China’s economy toward a high-quality future.

Key words： Dual circulation, Free Trade Zone (FTZ), high-quality development, institutional innovation