In my December blog, I overviewed China’s Dual Circulation System (DCS). To reiterate, foreign multinational corporations (MNCs) are concerned about the DCS’s emphasis on self-sufficiency, indigenous technology, and insulating China against the international market’s vagaries. Foreign MNCs, though, also see opportunities to satiate anticipated growth in domestic demand and the needs of a presumptively wealthier population, facilitate China’s efforts to promote high-quality development through inter alia the provision of “technology-focused products and services” (as one Michelin China CEO put it), and to supply the materials needed for China’s ramped up domestic infrastructure and production.
