America was attacking not just Huawei, a national champion, but an entire pillar of China’s industrial economy. Beijing was left with no option but to rethink its approach to globalization. The new model of economic development floated at the “two sessions” in May 2020 was “dual circulation.”84 One circuit was the economy of international trade. The other would be driven by China’s national economic development. The idea was to rebalance the relationship between them and to make the latter independent of the former. This was not a general abandonment of globalization, but a rebalancing away
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