Abstract:
The socalled “Dual Circulations” new development structure which will be based on a strong domestic economic system with the complementarity of both the domestic and international systems is an important strategy articulated by the Chinese government to cope with the risks and uncertainties caused by external shocks and domestic challenges to sustain steady and high quality economic development.To build the new structure, it is necessary to promote balanced regional economic growth, developing a strong and resilient economicspatial structure across the country.This paper emphasizes the importance of and provides practical development strategies for balanced regional economic growth based on a detailed study of the ChengduChongqing Twin Cities Economic Zone.The economic zone is not only the pillar of China’s western development strategy, but also an integral part of the “Dual Circulations” new development structure.Based on the socalled “Horse Mass Crossing Middle Income Trap”, the “PlateChain Pulling Development” endogenous growth economic theories, this paper presents two necessary conditions for China to successfully develop the “Dual Circulations” new development structure.To develop the ChengduChongqing Twin Cities Economic Zone, it is necessary to promote balanced regional growth within the zone and help all the 12 western provinces of China to become prosperous with reduced inequality, it is also necessary for the zone to be closely connected with the BeijingTianjinHebei zone, Changjiang River Delta and the Great Bay Area of GuangdongHong KongMacau,as well as other city clusters around the country to form a national potent economicgeographical structure, providing strong and longlasting power to sustain the country’s high quality economic growth.