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In the News: Dual Circulation Policy; Administrative Fine For Data Security Failings; and Crypto Crackdown
October 19, 2022 | BY
Hugo YeungChinese policy commits to dual circulation; First DSL enforcement action; Crackdown on illegal cryptocurrency exchange, OKX
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Credit: Adobe Stock/xtock
"No Internal Circulation," says NDRC
On October 17, during the CCP's 20th 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