In the News: Dual Circulation Policy; Administrative Fine For Data Security Failings; and Crypto Crackdown

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"No Internal Circulation," says NDRC

On October 17, during the CCP's 20^th National Congress, a spokesman for China's National Development and Reform Commission (NDRC) dispelled rumors about a policy shift towards "internal circulation" (国内单循环)—that is, deglobalization by relying solely on domestic economic output.

According to NDRC deputy head Zhao Chenxin, Chinese policymakers will continue to embrace multilateralism, open up the economy and strengthen foreign direct investment (FDI). In particular, the government will renew its focus on "streamlining the national economic cycle, removing institutional barriers to economic growth and pushing forward a high-level opening-up of the economic system," says Zhao. Upcoming policy will focus on advancing FDI, particularly in key industries such as advanced manufacturing, modern services, high-tech and sustainable development. Zhao further notes the sixth batch of major FDI projects will be promulgated soon. The nation will also offer pre-establishment national treatment alongside a negative list to enable business travel and address concerns expressed by various Chambers of Commerce regarding COVID-19 travel restrictions.